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, which initiated 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 notes that the currency’s recent rally began without inflows from deep-pocketed 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.

Never miss an opportunity – sign up to get email alerts delivered directly to your inbox

Check price action

Follow us Twitter, Facebook And cable

Browse Hodl’s daily mix

Check the latest news headlines

&nbsp

Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should conduct due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated image: mid-flight

Leave a Reply

Your email address will not be published. Required fields are marked *