Bitcoin is coming under fresh selling pressure as investors across every wallet-size category have shifted into net distribution, marking the first such move since early June. Despite the bearish shift, a potential golden cross could provide some support for the bullish case.
The change in investor behavior comes as Bitcoin remains unable to push through the $83,000 resistance area. The broader market has now recorded net distribution for the first time in nearly three months, with BTC retreating below $80,000 after failing to overcome the $83,000 sell wall and its previous May high.
The latest weakness follows a sharp August rally. Bitcoin climbed from roughly $64,000 to $79,000 in mid-August after Treasury Secretary Scott Bessent unveiled plans for the U.S. government to repurchase Treasury bonds. The move helped ease pressure on longer-term Treasury yields and supported risk assets.
Glassnode’s Accumulation Trend Score is used to gauge buying and selling activity among different wallet cohorts. The indicator considers wallet size and coins acquired during the previous 15 days. Readings closer to 1 indicate accumulation, while scores near 0 point to distribution. Exchanges, miners and certain other entities are excluded.
The combined score for Bitcoin’s wallet cohorts has fallen to 0.37, confirming that distribution is now dominating. Large holders, particularly wallets containing at least 1,000 BTC, are leading the shift toward selling.
The development represents a reversal after nearly three months of strong accumulation across almost every investor group. During that period, Bitcoin spent much of the summer moving sideways around the $60,000 level.
Technical factors are also limiting Bitcoin’s upside. The cryptocurrency is currently facing resistance around its 50-week moving average, which stands at approximately $79,687. The indicator tracks Bitcoin’s average closing price over the previous 50 weeks.
There is, however, a potential bullish signal on the horizon. Bitcoin’s 50-day moving average could cross above its 200-day average as early as Tuesday, creating what is known as a golden cross.
Such a crossover is generally viewed as a positive technical development and could improve sentiment if confirmed. For Bitcoin bulls, the signal may offer hope that the current resistance zone can eventually be overcome despite the recent increase in whale selling.
