Bitcoin faces challenges at the $83,000 sell wall as whale distribution turns to net selling. For the first time since early June, all wallet cohorts have moved into net distribution, though a potential golden cross provides some optimism for bulls. Bitcoin is struggling to break through the critical $83,000 sell wall. After nearly three months of aggressive accumulation around $60,000, investors holding at least 1,000 BTC are now leading the selling. Currently, all wallet cohorts are collectively distributing bitcoin at a rate of 0.37. Bitcoin The market as a whole has entered a distribution phase, or net selling, for the first time since early June. The largest cryptocurrency by market capitalization has been unable to break through the key $83,000 sell wall and its previous May high, subsequently falling back below $80,000. This decline follows one of bitcoin’s strongest weekly gains in years. In mid-August, the asset surged from around $64,000 to $79,000 after Treasury Secretary Scott Bessent announced plans to buy back U.S. government bonds, helping to cap yields at the long end of the Treasury market. Glassnode’s Accumulation Trend Score by Wallet Cohort measures the behavior 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. All wallet cohorts are now collectively distributing bitcoin at a rate of 0.37, led by whales holding at least 1,000 BTC. This shift comes after nearly three months of aggressive accumulation across almost every cohort, while bitcoin traded largely sideways around $60,000 throughout the summer. Bitcoin is also encountering resistance at its 50-week moving average, which tracks the asset’s average closing price over the previous 50 weeks, currently standing at $79,687. However, a potential golden cross, when the 50-day moving average crosses above the 200-day moving average, could occur as early as Tuesday, giving bulls some optimism that bitcoin may eventually break through the resistance zone. Anvil is a shared on-chain collateral layer built on a programmable letter of credit: reserve assets as a guarantee—no loan, no interest, keep custody & yield. Why it matters: Anvil is a shared on-chain collateral layer built on a programmable letter of credit: reserve assets as a guarantee—no loan, no interest, keep custody & yield.