Cryptocurrency markets continue to fall: Bitcoin (BTC) price fell below $ 33,000 for the first time since May 23, while Ether (ETH) price also fell below the $ 2,500 support.
Momentum is coming down as bearish indicators for Bitcoin continue to pile up; popular analyst William Clemente III has stated that identified Miners sold over 5,000 BTC worth around $ 164 million at current prices in the past week.
Miners have sold over 5,000 BTC in the past week pic.twitter.com/5pEvLgIls2
to???? William Clemente III (@WClementeIII) June 7, 2021
This was also emphasized by the crypto author Timothy Peterson BTC price has stayed below its 200-day SMA for 17 consecutive days.
“This figure has always marked the end of a bull run and the beginning of a bear market”, he stated.
Bitcoin’s price has fallen below the 200-day SMA for 17 consecutive days and is rising. This metric has * always * marked the end of a bull run and the beginning of a bear market. pic.twitter.com/6dpiFbUI7A. pic.twitter.com/6dpiFbUI7A
to???? Timothy Peterson (@nsquaredcrypto) June 7, 2021
Although the markets appear to be registering a small intraday spike, BTC price is currently hovering around $ 33,000 after falling to $ 32,400, and ETH is changing hands for $ 2,500 after moving from a local Raised low from around $ 2,430 both markets have fallen roughly 15% since hitting their respective local highs of $ 39,600 and $ 2,900, respectively, on Thursday.
However, While both Ether and Bitcoin have depreciated in recent weeks, capital flows for cryptocurrency investment products suggest that institutional investors are turning to Ether.
According to a Monday report from CoinShares, Bitcoin investment products saw record outflows of $ 141 billion last week, while ether products saw $ 22 million in inflows.
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