Bitcoin Struggles Below $83K as Whale Distribution Signals Mounting Sell Pressure

Bitcoin is showing signs of renewed selling as every major wallet cohort has moved into net distribution for the first time since early June. The bearish shift comes as BTC struggles to break above $83,000, although a potential golden cross could provide some encouragement for bulls.

The broader Bitcoin market has entered a net-selling phase after failing to overcome the $83,000 resistance zone and its previous May high. The rejection has pushed the cryptocurrency back below $80,000, reversing some of the gains from its recent rally.

Bitcoin had one of its strongest weekly advances in years in August. The cryptocurrency climbed from about $64,000 to $79,000 after Treasury Secretary Scott Bessent announced plans for the U.S. government to buy back Treasury bonds. The move helped keep longer-term Treasury yields under control and supported risk assets.

Glassnode’s Accumulation Trend Score provides a way to measure the behavior of different Bitcoin wallet cohorts. It considers wallet size and the amount of BTC accumulated over the previous 15 days. Scores closer to 1 indicate accumulation, while readings near 0 suggest distribution. The metric does not include exchanges, miners and certain other entities.

The combined score for all wallet groups now stands at 0.37, pointing to net distribution across the market. Whales holding at least 1,000 BTC are driving much of the shift.

This marks a notable change from the previous three months, when nearly every wallet cohort was aggressively accumulating Bitcoin. During that period, BTC largely remained range-bound around $60,000 throughout the summer.

Technical resistance is also weighing on the market. Bitcoin is currently contending with its 50-week moving average at approximately $79,687, a level that represents the average closing price over the past 50 weeks.

There is nevertheless a potential bullish development ahead. The 50-day moving average could move above the 200-day moving average as soon as Tuesday, forming a golden cross.

The pattern is generally viewed as a bullish signal and could improve sentiment if confirmed. That gives Bitcoin bulls some optimism, even as rising distribution and the stubborn $83,000 resistance continue to limit the cryptocurrency’s upside.