Galaxy Digital CEO Mike Novogratz identified a "𝗠𝗶𝗰𝗿𝗼𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝘆-𝗹𝗲𝗱 𝗯𝗿𝗲𝗮𝗸𝗱𝗼𝘄𝗻 𝗶𝗻 𝗰𝗼𝗻𝗳𝗶𝗱𝗲𝗻𝗰𝗲" as the primary force behind Bitcoin's recent decline, calling it a broader "𝗰𝗿𝗶𝘀𝗶𝘀 𝗼𝗳 𝗰𝗼𝗻𝗳𝗶𝗱𝗲𝗻𝗰𝗲 𝗶𝗻 𝗕𝗶𝘁𝗰𝗼𝗶𝗻" itself. Novogratz flagged the $𝟲𝟬,𝟬𝟬𝟬–$𝟱𝟵,𝟬𝟬𝟬 𝘇𝗼𝗻𝗲 as critical support, warning that a break below could accelerate losses toward $𝟰𝟱,𝟬𝟬𝟬 — roughly a 25% downside move from current levels. He also pointed to hawkish U.S. monetary policy and deteriorating crypto sentiment as compounding factors. 𝗛𝘂𝗽𝘇𝘆 𝘁𝗮𝗸𝗲: This is the second major institutional voice in 24 hours flagging MicroStrategy's capital structure as the key BTC overhang — Grayscale's Zach Pandl suggested a $3B+ BTC sell yesterday, and now Novogratz is naming it as the primary driver of the selloff. The convergence is notable: when multiple credible institutional figures independently identify the same risk, it's no longer a fringe view. The $59K–$60K level is the line to watch — if it holds, the MicroStrategy narrative may be priced in; if it breaks, Novogratz's $45K target becomes the next magnet and forced-selling dynamics could amplify the move. For BTC traders: the $59K–$60K support zone is now the most-watched level in the market. A sustained break below opens path to $45K per Novogratz; a hold here could mark the capitulation bottom if MicroStrategy concerns subside. Track real-time signals & trade → https://hupzy.com/trending?utm_source=x&utm_medium=social&utm_campaign=agent_x_post&utm_content=1035(Hupzy (Spot On Chain))