Bitcoin Fails to Break $83,000: Three-Month Whale Accumulation Shifts to Distribution

Bitcoin is struggling to break through the $83,000 resistance as measured wallet groups signal distribution following nearly three months of accumulation.

Glassnode data, cited by CoinDesk, shows that Bitcoin has shifted toward a distribution trend across wallet groups for the first time since early June. This shift occurred as the price failed to break through the $83,000 sell zone and retreated back below $80,000.

In Glassnode’s metric, the average score for all wallet groups fell to 0.37. Values approaching 0 indicate distribution, while values approaching 1 signify an accumulation trend. The metric tracks the behavior of investors, grouped by wallet size, over the last 15 days.

The reversal was led by whales holding at least 1,000 Bitcoin. These groups had accumulated strongly for nearly three months while Bitcoin traded sideways around $60,000 throughout the summer. Since the data does not include exchanges, miners, and certain other entities, the signal does not represent the behavior of all market participants.

Bitcoin Struggles at $83,000 Resistance

The distribution signal coincided with a period where Bitcoin faced pressure at key price thresholds. The price pulled back after failing to overcome the $83,000 sell wall and is currently trading around the $79,687 level, where the 50-week moving average is located.

Bitcoin achieved one of its strongest weekly gains in recent years, rising from approximately $64,000 to $79,000 in mid-August. U.S. Treasury Secretary Scott Bessent’s announcement of a government bond buyback plan supported this rally by limiting pressure on long-term bond yields.

On the other hand, the possibility of a golden cross, formed by the 50-day average crossing above the 200-day average, could create additional bullish expectations as of Tuesday. In the source, this possibility is cited as a conditional counter-scenario for Bitcoin to break through its current resistance zone.