Bitcoin is facing renewed selling pressure as all major wallet groups have moved into net distribution for the first time since early June. A potential golden cross, however, could give bulls a reason to remain optimistic.
The shift comes as Bitcoin continues to struggle below the $83,000 resistance level. The market as a whole has moved into a net-selling phase, marking the first such development since early June.
Bitcoin’s failure to clear the $83,000 sell wall, which also sits near its previous May high, has triggered a pullback that sent the cryptocurrency back below $80,000.
The decline follows a powerful rally in mid-August, when Bitcoin surged from roughly $64,000 to $79,000. The move came after Treasury Secretary Scott Bessent announced plans for the U.S. government to buy back Treasury bonds, helping ease upward pressure on longer-dated yields.
Glassnode’s Accumulation Trend Score tracks buying and selling behavior among different wallet-size groups based on coins accumulated during the previous 15 days. Scores closer to 1 indicate accumulation, while readings approaching 0 point to distribution. The metric excludes exchanges, miners and certain other entities.
The aggregate score across wallet cohorts has now dropped to 0.37, signaling net distribution. The shift is being driven particularly by whales holding at least 1,000 BTC.
That marks a reversal from the aggressive accumulation seen across nearly all wallet groups for almost three months. During much of that period, Bitcoin traded within a relatively narrow range around $60,000.
Technical resistance is adding to the pressure. Bitcoin is currently trading around its 50-week moving average, which stands at approximately $79,687 and tracks the cryptocurrency’s average closing price over the past 50 weeks.
Still, bulls could get a boost from a potential golden cross. The pattern forms when the 50-day moving average rises above the 200-day moving average and could occur as early as Tuesday.
If the crossover is confirmed, it could improve market sentiment and strengthen the possibility of Bitcoin eventually breaking above the current resistance zone.
