According to CoinDesk, Bitcoin has continued to face pressure near the key resistance level of $83,000, failing to break above its May high and retreating below $80,000. Data from Glassnode shows that, for the first time since early June, all wallet groups have collectively entered a net distribution phase, with whale wallets holding at least 1,000 BTC exhibiting the most pronounced selling trend. Previously, Bitcoin rose from approximately $64,000 in mid-August to $79,000. Currently, Bitcoin also faces resistance near the 50-week moving average; however, a bullish “golden cross” formed by the 50-day moving average crossing above the 200-day moving average could provide some support for bulls.
Bitcoin struggles at the $83,000 resistance level as whale accounts turn into net sellers.
TechFlowShare
Summary
Bitcoin struggles at the $83,000 resistance level, failing to exceed its May high and pulling back below $80,000. According to Glassnode data, whale wallets holding 1,000 BTC or more are now net sellers. Wallet groups have entered a net distribution phase for the first time since early June. Earlier in August, Bitcoin rose from $64,000 to $79,000. The 50-week moving average remains a key resistance level, though a golden cross in the support and resistance structure could present a short-term buying opportunity.
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