Credit: Original article published by The Capital.

Crypto Market Falls As Miners Sell Their BTC Holdings — Expert Views On What’s Next?

Bitcoin price is constantly trading below its 200-day moving average for more than 15 days, and their is high selling seen from miners, some analysts suggest for further bearish momentum.

Crypto market is falling again, and bitcoin has crashed below $33,000 for the first time since May 23, while Ethereum broke below the $2,500 support.

Popular analyst William Clemente III has determined that miners have sold over 5,000 BTC in the last week — worth roughly $164 million.

Miners have sold over 5,000 BTC in the last week pic.twitter.com/5pEvLgIls2

– William Clemente III (@WClementeIII) June 7, 2021

Top Cryptocurrency Author Timothy Peterson with above 100k Twitter followers, also highlighted that the BTC price remains below the 200-day simple moving average (SMA) for 17 consecutive days.

This indicator always marked the end of a bull run and the beginning of a bear market,” he argued.

#Bitcoin price has dropped below 200-SMA for 17 consecutive days and counting. This metic has *always* marked the end of a bull run and the start of a bear market. pic.twitter.com/6dpiFbUI7A

– Timothy Peterson (@nsquaredcrypto) June 7, 2021

Crypto market seems to be showing a slight intraday bounce. BTC is currently hovering around $33,000 after falling to $32,400, and ETH is currently changing hands for $ 2,500 after bouncing from a local low of about $ 2,430 — both markets have crashed by about 15% since the posting local highs of $39,600 and $2,900 on June 3.

While both ETH and Bitcoin have been losing value in recent weeks, capital flows for crypto investment products suggest institutional investors are turning towards Ethereum. According to a June 7 CoinShares report, Bitcoin investment products posted a record $141 billion outflow last week, while Ether products reported $22 million in inflows.

Originally published at https://thecryptobasic.com on June 8, 2021.

Check out our new platform 👉 https://thecapital.io/

https://twitter.com/thecapital_io

https://medium.com/media/3b6b127891c5c8711ad105e61d6cc81f/href


Crypto Market Falls As Miners Sell Their BTC Holdings — Expert Views On What’s Next? was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

Categories:

Tags:

Comments are closed

Translate

Our Other Projects

EdgyBranding.com - Premium Domain Names.

Notezi.com - Social Network

ParisArtwork.org - Mid-century Paris NFTs, tokenized on the WAX blockchain.

NewYorkArtwork.org - Mid-century New York NFTs, tokenized on the Ethereum blockchain and offered on Rarible.

Dexize.com - Ultra-Priviate DEX.

ClassicAutomobile.org - Classic Automobile News.