The crypto market is witnessing a severe downturn as Bitcoin fell below $33,000 for the first time since May 23 and Ethereum broke below the $2,500 support.
The downward momentum comes as bearish indicators continue to increase for Bitcoin, with prominent analyst William Clemente III finding that miners have sold over 5,000 BTC (approximately $164 million) in the past week. .
Miners have sold over 5,000 BTC in the last week pic.twitter.com/5pEvLgIls2
— William Clemente III (@WClementeIII) June 7, 2021
Investor Timothy Peterson also emphasized that BTC price has remained below the 200-day simple moving average (SMA) for 17 consecutive days.
“This metric always marks the end of a bull run and the beginning of a bear market,” he asserts.
#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
Although the market appears to be recording a slight intraday bounce, with BTC currently trading near $33,000 after dropping to $32,400 and ETH hitting $2,500 after bouncing off local lows around $2,430, both Bitcoin and Ethereum have lost about 15% since hitting local peaks of $39,600 and $2,900 on June 3.
However, while both Ether and BTC have dropped in price in recent weeks, the inflow of money into 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 $141 billion in outflows over the past week while Ether products saw inflows of $14 billion. 22 million USD.
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According to CoinTelegraph
Compiled by ToiYeuBitcoin