Bitcoin Faces $83,000 Resistance as Whales Turn Net Sellers

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Bitcoin is encountering significant selling pressure at the $83,000 price level, where a notable sell wall has formed. For the first time since early June, all wallet cohorts — across different holder sizes — have shifted into net distribution mode. This means investors broadly are selling more than they are accumulating, a bearish signal for near-term price action. Whale wallets, which hold large amounts of Bitcoin, have notably flipped to net selling, adding to the downward pressure. However, a potential golden cross pattern forming on the charts offers some optimism for bulls hoping for a trend reversal.

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