Bitcoin's largest holders have flipped into net selling as the cryptocurrency fails to clear its $83,000 resistance level, pulling the price back below $80,000. Glassnode data show every wallet cohort is now distributing for the first time since early June, though a potential golden cross gives bulls a reason for optimism.
Bitcoin has pulled back below $80,000 as investors pivot to distribution, unable to push the price through the $83,000 sell wall. The market has now entered a period of net selling for the first time since early June.
Whales lead the shift to distribution
Investors holding at least 1,000 BTC are leading the selloff, according to Glassnode's Accumulation Trend Score by Wallet Cohort, which tracks whale behavior based on the number of coins acquired over the previous 15 days. All wallet cohorts are now distributing bitcoin on aggregate at 0.37, a reading that had not shown up since early June. The shift follows almost three months of aggressive accumulation across nearly every cohort, while bitcoin traded largely sideways around $60,000 through the summer.
Resistance holds after a rapid August rally
The pullback follows one of bitcoin's strongest weekly gains in years. In mid-August, the asset jumped from about $64,000 to $79,000 after Treasury Secretary Scott Bessent announced plans to buy back U.S. government bonds, helping contain yields at the long end of the Treasury market. That rally has since stalled at $83,000 and bitcoin's previous May high, and the asset is also meeting resistance at its 50-week moving average, currently at $79,687.
A potential golden cross offers bulls hope
Bulls have one source of optimism: a potential golden cross, when the 50-day moving average crosses above the 200-day moving average, could occur as early as Tuesday. That crossover gives bulls some optimism that bitcoin may eventually break through the resistance zone.
Source: CoinDesk
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