Bitcoin wallets turn net sellers for first time since early June

  • Bitcoin wallet cohorts shifted collectively to net selling after rejecting $83,000.
  • Glassnode’s accumulation trend score fell to 0.37, with large holders leading sales.
  • Bitcoin had seen nearly three months of broad accumulation before the shift.

Bitcoin wallet cohorts have collectively shifted to net selling for the first time since early June, according to Glassnode data cited by CoinDesk. The shift followed Bitcoin’s rejection at the $83,000 resistance level and retreat below $80,000. Glassnode’s accumulation trend score fell to 0.37, with lower readings indicating more aggressive selling; wallets holding more than 1,000 BTC were the main source of selling. Nearly all wallet groups had been actively accumulating for almost three months. Bitcoin also faces resistance around its 50-week moving average at approximately $79,687. However, the 50-day moving average could cross above the 200-day moving average as early as Tuesday, forming a golden cross (a bullish moving-average crossover) that could improve market sentiment and potentially help Bitcoin eventually break through the resistance zone.

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