June 18, 2024

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Bitcoin Shows Bearish Signal as Miners Unload $175,000,000 in BTC: Cryptocurrency Strategist

Bitcoin Shows Bearish Signal as Miners Unload $175,000,000 in BTC: Cryptocurrency Strategist

One closely followed cryptocurrency analyst issued a warning, saying that Bitcoin (BTC) has just issued a signal indicating that a sell-off event may be imminent.

Cryptocurrency strategist Ali Martinez warns that the Tom DeMark (TD) Bitcoin Sequential Index indicates a potential corrective move.

The TD Sequential indicator tracks a series of price points to indicate potential trend reversals.

Martinez says,

“Bitcoin: TD Sequential Indicator Shows Sell Signals on Weekly and Three-Day Charts for BTC! Remember, the last time TD showed buy signals on both time frames was in early September, kicking off the recent uptrend.”

source: Ali Martinez/X

Looking at the activities of Bitcoin miners, Martinez says the investor group has been using the recent rally to offload thousands of Bitcoins.

“Since Bitcoin surged above $34,000 in late October, Bitcoin miners have been selling.

More than 5,000 bitcoins, worth about $175 million, have been offloaded since then.

source: Ali Martinez/X

At the time of writing, Bitcoin is trading at $37,026.

As for Ethereum (ETH), Martinez points out that the currency’s recent rise began without inflows from wealthy investors.

“Ethereum has reclaimed the $2,000 threshold, and interestingly, all of this is happening before the whales start buying.”

source: Ali Martinez/X

At the time of writing, Ethereum is trading at $2,042.

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