Bitcoin struggles at $83,000 sell wall as whales distribution flip into net selling
Bitcoin is facing significant resistance at the $83,000 level as market data indicates a shift toward net selling by major investors. Despite recent gains, the cryptocurrency is struggling to maintain momentum as it encounters technical resistance levels.
Why it matters
This trend reflects broader market sentiment and the behavior of large-scale crypto holders, which influences global digital asset valuations.
The market on aggregate has entered a period of distribution, or net selling, for the first time since early June, as the largest cryptocurrency by market capitilization has struggled to break through the key $83,000 sell wall and its previous May high, subsequently slipping back below $80,000.
The pullback follows one of bitcoin’s strongest weekly gains in years. In mid-August, the asset jumped from around $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.
Glassnode’s Accumulation Trend Score by Wallet Cohort measures the behaviour of different investor groups based on wallet size and the number of coins acquired over the previous 15 days. A reading closer to 1 indicates accumulation, while a reading closer to 0 signals distribution. Exchanges, miners and certain other entities are excluded.
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