Bitcoin Faces $83K Resistance as Whales Turn to Net Selling

Bitcoin investors are showing signs of renewed selling pressure, with every wallet cohort moving into net distribution for the first time since early June. Still, a possible golden cross could provide bulls with a technical catalyst.

Bitcoin is struggling to clear the $83,000 resistance zone as investors increasingly shift from accumulation toward distribution.

The broader market has now entered a net-selling phase for the first time in roughly three months. Bitcoin’s inability to break above the $83,000 sell wall and its previous May high has contributed to the latest pullback, pushing BTC back below the $80,000 level.

The decline comes after one of Bitcoin’s strongest weekly advances in recent years. During mid-August, BTC climbed from approximately $64,000 to $79,000 after Treasury Secretary Scott Bessent announced plans for U.S. government bond buybacks, which helped limit pressure on longer-term Treasury yields.

Glassnode’s Accumulation Trend Score evaluates investor behavior across wallet-size groups by examining the number of coins acquired over the previous 15 days. A score approaching 1 points to accumulation, while a reading closer to 0 indicates distribution. Exchanges, miners and several other entities are excluded from the metric.

The combined score for all wallet cohorts has fallen to 0.37, indicating net distribution across the market. Whales holding at least 1,000 BTC are leading the selling shift. This marks a notable reversal after nearly three months of strong accumulation across most wallet groups, during which Bitcoin largely traded sideways near $60,000 throughout the summer.

Bitcoin is also facing resistance around its 50-week moving average, currently near $79,687. The indicator represents the asset’s average closing price over the past 50 weeks.

However, bulls could receive support from a potential golden cross. The bullish technical pattern occurs when the 50-day moving average moves above the 200-day moving average and could form as soon as Tuesday. If confirmed, the signal may strengthen the case for Bitcoin to eventually push through its current resistance range.