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

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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.

 

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.

 

Crypto market seem 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.

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Albert Brownhttps://thecryptobasic.com/
Albert Brown has obtained his master's degree in Stock Trading And Investing. His specialty is analyzing the price actions of crypto and stock markets. Albert provides a major role in TheCryptoBasic as a crypto analyst. He is also known for his work on Twinkle Magazine and TipRanks.

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