Bitcoin can’t seem to get cleanly above the $83,000 level, and according to CoinDesk, all wallet cohorts have flipped to net distribution for the first time since early June. That points to holders selling more, not stacking.
Still, selling pressure hasn’t killed the chart setup. A possible golden cross is taking shape on the technicals, and that could flash a bullish signal. If the short-term moving average pushes above the long-term average, it may spark a rebound.
Sentiment is still cautious. No surprise there. Whale activity is being watched closely, while traders keep their eyes on the $83,000 resistance and the possible golden cross as the main catalysts for the next move.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan.