BTC struggles at $83,000 sell wall as whales turn net sellers: CoinDesk

Bitcoin’s sharp recent recovery has stalled near a sell wall around the key $83,000 resistance level, while the overall wallet cohort has shifted to net selling for the first time since early June, led in particular by whales, CoinDesk reported. According to Glassnode’s Accumulation Trend Score by wallet size, the overall wallet cohort is currently at 0.37. The indicator points to accumulation when it is closer to one and distribution when it is closer to zero. Wallets holding more than 1,000 BTC were identified as leading the selling. The shift follows roughly three months of active accumulation across most wallet cohorts last summer, when BTC was moving sideways in the $60,000 range. Meanwhile, BTC is also facing resistance at its 50-week moving average of $79,687. CoinDesk added that a golden cross, in which the 50-day moving average rises above the 200-day moving average, could occur as early as Sept. 8, leaving room for expectations of further gains. According to CoinMarketCap, BTC was trading at $79,319.55, down 0.71%, at the time of writing.