Bitcoin News Today: BTC Drops to $114,500 After Galaxy Digital's 80,000 BTC Sell-Off, BNB Hits ATH on Trade Deal Hopes

Bitcoin (BTC) faced a critical resistance level at $120,000 in early August 2025, failing to break through despite a brief push toward the threshold. The largest cryptocurrency by market cap oscillated within a narrow range of $117,000–$120,000 for nearly ten days before a large-scale sell-off by Galaxy Digital triggered a sharp decline. The firm reportedly liquidated 80,000 BTC on behalf of a third party, causing prices to plummet to $114,500 [2]. Following the completion of the sale, BTC rebounded and re-entered its consolidation range by midweek. A renewed rally pushed the asset closer to $120,000 on Sunday evening, spurred by optimism around a potential U.S.-EU trade deal [1]. However, bearish pressure emerged again, pushing BTC back to approximately $119,000 by press time [1].

BNB, the native token of Binance, continued its bullish momentum, surpassing $850 to set a new all-time high (ATH). The token had previously corrected slightly from an intraweek high of $800 but regained strength rapidly. Over the past 48 hours, BNB recorded two consecutive ATHs, reflecting robust demand in the altcoin market. Other major altcoins like AVAX and ENA also saw gains, with ENA surging over 13% in a single day [1]. Ethereum (ETH) approached $3,900, while XRP, SOL, and DOGE added between 3% and 4% to their values. The total cryptocurrency market cap expanded by $60 billion, reaching over $4 trillion [1].

The divergence between Bitcoin’s stagnation and altcoin outperformance highlighted shifting investor priorities. While BTC’s dominance index fell below 59%, altcoins captured a growing share of trading volumes. Analysts noted that the trade deal speculation and broader macroeconomic optimism were fueling speculative positions in smaller-cap assets. However, Bitcoin’s failure to breach $120,000 signaled lingering technical resistance, with open interest metrics suggesting inflated short-term volatility. This dynamic underscored the market’s sensitivity to macroeconomic narratives, as traders interpreted the proposed U.S.-EU agreement as a potential catalyst for regulatory harmonization and cross-border liquidity [1].

The interplay between institutional sales and retail speculation further complicated BTC’s trajectory. Galaxy Digital’s large-scale liquidation temporarily disrupted the bullish momentum, but the asset’s ability to rebound indicated strong support levels. Meanwhile, Binance’s influence in driving retail activity remained evident, as social media updates and strategic positioning for tokens like CRV amplified trading volumes. The absence of concrete data on regional regulatory shifts, particularly in China, suggested that global macro trends were currently steering market sentiment more than localized factors [3].

Source: [1] [Trump's EU Trade Deal Sparks Crypto Surge: BTC Nears $120K, BNB Breaks ATH](https://cryptopotato.com/) [2] [$BTC /USDT Targets $120K? Momentum Heating Up Again!](https://www.binance.com/en/square/post/27459865003457) [3] [BNB: Latest News, Social Media Updates and Insights](https://cryptorank.io/news/bnb)