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.
— Timothy Peterson (@nsquaredcrypto) June 7, 2021
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.