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.”
Looking at the activities of Bitcoin miners, Martinez says that the investor cohort has been using the recent rally to unload thousands of BTC.
“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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