Bitcoin faces selling pressure at $83,000 as whales shift to net distribution

Bitcoin is struggling to break through the $83,000 resistance level, retreating below $80,000. Glassnode data indicates that various wallet cohorts, particularly whale accounts holding over 1,000 BTC, have shifted to a net distribution phase for the first time since early June. While the asset faces resistance at the 50-week moving average, a potential golden cross of the 50-day and 200-day moving averages may provide support.