Bitcoin Investors Turn to Selling as Price Fails to Clear $83,000 Barrier

Bitcoin holders across nearly every wallet size have started selling more than buying for the first time since early June, as the price struggles to push past a stubborn resistance zone near $83,000. The pullback comes right after one of the strongest weekly rallies bitcoin has seen in years, when prices jumped from around $64,000 to $79,000 in mid August following the Treasury Secretary’s announcement of a bond buyback plan aimed at controlling long term yields.

What the Data Shows

Glassnode’s accumulation tracking tool, which studies buying and selling patterns across different wallet sizes over a rolling two-week window, now shows an overall reading of 0.37, pointing toward selling rather than buying. Large holders with at least 1,000 bitcoin are leading this shift, following nearly three months where almost every group had been steadily building positions while the price traded sideways near $60,000 over the summer.

Resistance Levels Test Bulls’ Patience

Bitcoin is also running into a wall at its 50-week moving average, sitting close to $79,687, adding another layer of difficulty for buyers hoping to reclaim higher ground. Still, some analysts see a silver lining: a possible golden cross, where the 50-day average moves above the 200-day average, could form as soon as Tuesday, a pattern some traders view as an early signal of renewed upward momentum.