The crypto market opposed the decline. Bitcoin fell below US$33,000 for the first time since May 23, because Ethereum also fell below the support level of US$2,500.
As Bitcoin’s bearish indicators continue to increase, popular analysts are showing downward momentum William Clement III It is determined that the miners have sold more than 5,000 BTC in the past week-valued at approximately $164 million at current prices.
Miners sold more than 5,000 bitcoins last week pic.twitter.com/5pEvLgIls2
-William Clemente III (@WClementeIII) June 7, 2021
Cryptocurrency author Timothy Peterson also emphasized that the price of BTC has been lower than its 200-day simple moving average (SMA) for 17 consecutive days.
“This indicator *always* marks the end of a bull market and the beginning of a bear market,” he asserted.
#Bitcoin The price has fallen below 200-SMA for 17 consecutive days, and it continues. This Metic *always* marks the end of a bull market and the beginning of a bear market. pic.twitter.com/6dpiFbUI7A
— Timothy Peterson (@nsquaredcrypto) June 7, 2021
Although the market appears to be rebounding slightly during the session-BTC is currently hovering around $33,000 after falling to $32,400, while ETH is currently changing hands at $2,500 after rebounding from a local low of approximately $2,430-the two markets have since Since its release, it has fallen by about 15% and reached local highs of US$39,600 and US$2,900 on June 3, respectively.
However, despite the depreciation of both Ether and Bitcoin in recent weeks, the capital flow of crypto investment products indicates that institutional investors are turning to Ether.
According to a report from CoinShares on June 7, Bitcoin investment products see Record outflow of US$141 billion Last week, the inflow of ether products was 22 million U.S. dollars.