As miners sold their BTC assets, the cryptocurrency market fell-what do experts think about the next step? | Author: The Crypto Basic | The Capital | June 2021
Bitcoin price has been below its 200-day moving average for more than 15 days, and miners have seen their high selling, some analysts believe that there is further bearish momentum.
The crypto market fell again. Bitcoin fell below $33,000 for the first time since May 23, while Ethereum fell below the $2,500 support level.
Popular analyst William Clement III determined that the miner had sold more than 5,000 BTC in the last week, valued at approximately $164 million.
Miners have sold more than 5,000 BTC last week pic.twitter.com/5pEvLgIls2
-William Clemente III (@WClementeIII) June 7, 2021
Timothy Peterson, a top cryptocurrency author with more than 100,000 Twitter followers, also emphasized that the BTC price has been below the 200-day Simple Moving Average (SMA) for 17 consecutive days.
This indicator always marks the end of a bull market and the beginning of a bear market,” he argued.
#Bitcoin The price has fallen below 200-SMA for 17 consecutive days, and it continues. This Metic *always* marks the end of a bull market and the beginning of a bear market. pic.twitter.com/6dpiFbUI7A
-Timothy Peterson (@nsquaredcrypto) June 7, 2021
The crypto market seems to have experienced a small intraday rebound. BTC is currently hovering around US$33,000 after falling to US$32,400, while ETH is currently changing hands at US$2,500 after rebounding from a local low of approximately US$2,430 – since the local highs of US$39,600 and US$2,900 in June, Both markets fell by about 15% 3.
Although both ETH and Bitcoin have depreciated in recent weeks, the capital flow of crypto investment products shows that institutional investors are turning to Ethereum. According to a report by CoinShares on June 7, Bitcoin investment products flowed out a record $141 billion last week, while ether products flowed in $22 million.