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- Bitcoin was found to have failed to break through heavy selling pressure at $83,000 and to have entered a net-selling phase.
- The Accumulation Trend Score for all investor groups stood at 0.37, with whale investors holding more than 1,000 BTC leading the selling.
- If Bitcoin’s 50-day moving average crosses above its 200-day moving average to form a golden cross, expectations could grow for a break above the current resistance zone.
Forecast Trend Report by Period
Bitcoin has been unable to clear a heavy sell wall at $83,000, while all investor cohorts, including whales, have shifted to net selling, according to an analysis.
CoinDesk reported on September 7, citing Glassnode’s “Accumulation Trend Score by Wallet Size” data, that the broader Bitcoin market has entered a selling phase for the first time since early June.
The Accumulation Trend Score measures buying activity by investor group based on wallet size and the amount of Bitcoin purchased over the past 15 days. A reading closer to 1 signals stronger accumulation, while a figure closer to 0 indicates stronger selling.
The aggregate score across all investor groups currently stands at 0.37. In particular, whale investors holding more than 1,000 BTC are leading the selling, CoinDesk reported. That contrasts with the past three months, when nearly every investor cohort showed strong accumulation.
CoinDesk also said signals pointing to a possible advance are emerging. Bitcoin’s 50-day moving average could cross above its 200-day moving average as early as September 8, forming a so-called golden cross. If that occurs, expectations may build that Bitcoin can break through its current resistance zone.
Source: en.bloomingbit.io