With Bitcoin’s price consistently trending below its 200-day moving averages and heavy selling identified among miners, some analysts are bracing for further bearish momentum.
The crypto markets are against dropping, with Bitcoin (cryptoprimacy.com/bitcoin-price”>BTC) crashing below $33,000 for the first time since May 23 as Ether (cryptoprimacy.com/ethereum-price”>ETH) similarly broke below support at $2,500.
The downward momentum comes as bearish indicators continue to stack up for Bitcoin, with popular analyst cryptoprimacy.com/news/everyone-is-buying-the-dip-but-are-they-all-buying-btc” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/everyone-is-buying-the-dip-but-are-they-all-buying-btc/amp”>William Clemente III identifying that miners sold more than 5,000 BTC over the past week — worth roughly $164 million at current prices.
Miners have sold over 5,000 BTC in the last week pic.twitter.com/5pEvLgIls2
— William Clemente III (@WClementeIII) June 7, 2021
Crypto author Timothy Peterson also highlighted that BTC’s price has remained below its cryptoprimacy.com/news/top-5-cryptocurrencies-to-watch-this-week-btc-matic-eos-xmr-aave” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/top-5-cryptocurrencies-to-watch-this-week-btc-matic-eos-xmr-aave/amp”>200-day simple moving average (SMA) for 17 days consecutively.
”This metric has *always* marked the end of a bull run and the start of a bear market,” he asserted.
— Timothy Peterson (@nsquaredcrypto) June 7, 2021
Although the markets appear to be posting a small intra-day bounce — with BTC currently hovering near $33,000 after dropping to $32,400 and ETH currently changing hands for $2,500 after bouncing off a local low of roughly $2,430 — both markets have crashed approximately 15% since posting respective local highs of $39,600 and $2,900, respectively, on Thursday.
However, while both Ether and Bitcoin have been shedding value over recent weeks, capital flows for crypto investment products suggest that institutional investors are pivoting toward Ether.
According to a Monday report from CoinShares, Bitcoin investment products saw cryptoprimacy.com/news/record-141m-outflow-from-bitcoin-products-signals-institutions-are-bearish-on-btc-coinshares” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/record-141m-outflow-from-bitcoin-products-signals-institutions-are-bearish-on-btc-coinshares/amp”>record outflows of $141 billion this past week, while Ether products reported inflows of $22 million.