Bitcoin is struggling against a significant sell wall near $83,000 as selling pressure broadens across wallet cohorts, according to CoinDesk. All tracked wallet groups have shifted into net distribution for the first time since early June, signaling that holders across the market are selling more than they are accumulating. The change in positioning comes as Bitcoin attempts to overcome resistance at the $83,000 level. Despite the deterioration in on-chain distribution trends, market structure may offer a potential positive signal for bulls: a golden cross could be developing. A golden cross occurs when a shorter-term moving average moves above a longer-term moving average, and is commonly watched as an indicator of improving momentum. The competing signals leave Bitcoin facing near-term resistance while traders assess whether technical strength can offset renewed selling from wallet cohorts.
