Cryptocurrency markets crash after miners sell 5,000 BTC in a week

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.

This was also emphasized by the crypto author Timothy Peterson BTC price has stayed below its 200-day SMA for 17 consecutive days.

Cryptocurrency markets crash after miners sell 5,000 BTC in a week
Cryptocurrency markets crash after miners sell 5,000 BTC in a week

“This figure has always marked the end of a bull run and the beginning of a bear market”, he stated.

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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