Bitcoin Stalls at $83,600 Amid Growing Sell Wall

Bitcoin's price has stalled at around $83,600, unable to break through the growing sell wall between $85,000 and $85,500 on Binance. According to Glassnode, this resistance wall tripled in size since September 24 and remains a significant obstacle for Bitcoin's advance.

The top cryptocurrency still holds above its True Market Mean at $77,200, roughly 8% below the market price. However, long-term holders are increasingly taking profits, with their share of realized profits rising from 34% to 55% during the week ending September 29.

Meanwhile, Bitcoin ETF inflows have weakened after a surge in early September, with net inflows falling to $24 million on Monday, down from over $1 billion on both September 21 and September 22. The combined Bitcoin volume across spot exchanges and US spot BTC exchange-traded funds is averaging around $6.4 billion per day.