On September 7, on-chain analytics firm Glassnode reported that Bitcoin is facing strong selling pressure around the $83,000 level. For the first time since early June, all wallet cohorts — from retail to large whales — have shifted to net selling. This broad-based distribution follows Bitcoin's recent price rally, with whales and other holders increasing their allocation. The $83,000 level has proven to be a stubborn resistance, absorbing buy orders. However, a potential golden cross pattern offers some support to bulls. The near-term direction will hinge on whether buyers can absorb the distribution and break above this key resistance.
Bitcoin is running into heavy selling near $83,000, and for the first time since early June, every class of holder has flipped to net selling, based on Glassnode data published on September 7.
After the latest price rally, whales and smaller holder groups alike have stepped up distribution, and that has left the market stuck beneath the $83,000 resistance. Selling pressure is building, plain and simple, as every wallet-size cohort joins the sell-off.
But the selling wall is not the whole story. A possible golden cross formation — a bullish technical signal — is still giving some backing to long positions. So the near-term direction comes down to one thing: can buyers soak up the ongoing distribution and drive price cleanly above the $83,000 resistance?
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