Bitcoin is facing increasing selling pressure after every major wallet cohort moved into net distribution for the first time since early June. While the shift points to caution among investors, bulls could still find support from a potential golden cross.

The change in behavior comes as Bitcoin remains stuck below the $83,000 resistance level. With the cryptocurrency unable to break through the key sell wall and its previous May high, the broader market has entered a distribution phase, pushing BTC back under $80,000.

The pullback follows a powerful rally earlier in August. Bitcoin climbed from around $64,000 to nearly $79,000 after Treasury Secretary Scott Bessent announced plans for the U.S. government to repurchase Treasury bonds. The move helped limit the rise in longer-term Treasury yields and supported the broader market.

Glassnode’s Accumulation Trend Score tracks the behavior of different Bitcoin wallet groups based on their size and the amount of BTC accumulated over the previous 15 days. A score close to 1 reflects accumulation, while a reading near 0 indicates distribution. The calculation excludes exchanges, miners and several other entities.

The combined score across all wallet cohorts has fallen to 0.37, indicating that selling currently outweighs accumulation. Whales holding 1,000 BTC or more are at the forefront of this shift.

The development reverses nearly three months of heavy accumulation among almost all wallet groups. During that period, Bitcoin spent much of the summer trading sideways near $60,000.

Bitcoin is also battling resistance from its 50-week moving average, which currently sits around $79,687. The indicator measures the cryptocurrency’s average closing price over the previous 50 weeks and has become another hurdle for the bulls.

Still, technical conditions could soon turn more favorable. Bitcoin’s 50-day moving average may cross above its 200-day moving average as early as Tuesday, forming a pattern known as a golden cross.

The crossover is widely regarded as a bullish technical signal and could strengthen investor confidence if it materializes. For now, however, Bitcoin must overcome the $83,000 resistance zone while navigating renewed distribution from large holders.