Huo Xing Finance reports, 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 retreated 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 near the 50-week moving average at 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 Wallet Groups Shift to Net Selling
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Summary
Bitcoin news: BTC dropped below $80,000 after failing to break $83,000, with Glassnode data showing wallet groups turned net sellers for the first time since June. Whales holding over 1,000 BTC led the shift, as the accumulation score fell to 0.37. The 50-day MA may soon cross above the 200-day MA, forming a golden cross. Altcoins to watch could see movement if Bitcoin stabilizes.
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