Bitcoin's Price Stalls at $83,000 as Measured Wallet Groups Indicate Distribution

Bitcoin's price has stalled at $83,000 as measured wallet groups indicate distribution following nearly three months of accumulation.

Glassnode data shows that Bitcoin shifted towards a distribution trend across wallet groups for the first time since early June.

This shift occurred as the price failed to break through the $83,000 sell zone and retreated back below $80,000.

The average score for all wallet groups fell to 0.37, with values approaching 0 indicating distribution and values approaching 1 signifying an accumulation trend.

The metric tracks the behavior of investors grouped by wallet size over the last 15 days.