#Bitcoin Showing Bearish Signal As Miners Unload $175,000,000 in BTC: Crypto Strategist
A closely followed crypto analyst is issuing a warning, saying Bitcoin (BTC) just flashed a signal suggesting that a sell-off event may be imminent.
Crypto strategist Ali Martinez warns that Bitcoin’s Tom Demark (TD) Sequential indicator is pointing to a possible corrective move.
The TD Sequential indicator traces a series of price points to signal possible trend reversals.
Says Martinez,
Bitcoin: the TD Sequential is flashing sell signals on BTC weekly and three-day charts! Remember, the last time TD showed buy signals in both timeframes was in early September, kickstarting the recent bull run.
Since Bitcoin surged past $34,000 in late October, BTC miners have been selling.
Over 5,000 BTC, worth approximately $175 million, have been offloaded since then.”
At time of writing, Bitcoin is trading for $37,026.
As for Ethereum (ETH), Martinez notes that the coin’s recent rally kicked off without inflows from deep-pocketed investors.
“Ethereum has reclaimed the $2,000 threshold, and intriguingly, this is all happening before whales have even started buying.”
At time of writing, Ethereum is trading for $2,042.
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