ChainCatcher report, according to CoinDesk, Glassnode data shows that various Bitcoin wallet groups have collectively shifted to net selling for the first time since early June. After failing to break through the key resistance level at $83,000, Bitcoin has dropped below $80,000. Glassnode’s Accumulation Trend Score is currently at 0.37, with values near 0 indicating selling pressure, led by whales holding over 1,000 BTC. For nearly the past three months, nearly all groups had been actively accumulating, during which Bitcoin traded sideways around $60,000. Bitcoin is also facing resistance at the 50-week moving average of approximately $79,687. However, the 50-day moving average may cross above the 200-day moving average as early as Tuesday, forming a golden cross—a bullish signal suggesting Bitcoin could eventually break through the resistance zone.
Bitcoin Drops Below $80,000 as All Wallet Groups Shift to Net Selling
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Summary
Bitcoin news: BTC dropped below $80,000 after encountering $83,000 resistance. Glassnode data reveals all wallet groups are net sellers, led by whales holding over 1,000 BTC. The accumulation score is near zero at 0.37. Altcoins to watch may experience shifts as Bitcoin approaches the 50-week moving average at $79,687; a golden cross could form by Tuesday.
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