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With Bitcoin price consistently trending below the 200-day MA and heavy selling identified among miners, some analysts are bracing for the next drop.
The cryptocurrency market is resisting a drop, with Bitcoin falling below $33,000 for the first time since May 23 when Ethereum similarly broke below support at $2,500.
The downside momentum comes as bearish indicators continue to rise for Bitcoin, with prominent analyst William Clemente III identifying that miners have sold over 5,000 BTC in the past week – worth around $164 million according to Bitcoin price. current price.
Miners have sold over 5,000 BTC in the last week pic.twitter.com/5pEvLgIls2
— William Clemente III (@WClementeIII) June 7, 2021
Cryptocurrency author Timothy Peterson also emphasized that the price of BTC has remained below the 200-day SMA for 17 consecutive days.
“This metric *always* marks the end of a bull run and the beginning of a bear market.
#Bitcoin price has dropped below 200-SMA for 17 consecutive days and counting. This metric 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
While the markets appear to be showing a small intraday rally — with BTC currently hovering near $33,000 after dropping to $32,400 and ETH currently at $2,500 after bouncing off lows around $2,430 — both The two coins have fallen about 15% since their respective highs at $39,600 and $2,900 on June 3.
However, while both Ether and Bitcoin have fallen in value in recent weeks, the flow of capital for crypto investment products suggests that institutional investors are turning to Ether.
According to a June 7 report from CoinShares, Bitcoin investment products saw a record inflow of $141 billion in the past week while Ether products reported inflows of $22 million.
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