The crypto market is facing a downside correction, with Bitcoin falling below $33,000 for the first time since May 23, as Ethereum similarly fell below the $2,500 support level.
Downside momentum comes as bearish indicators pile up for Bitcoin, with popular analyst William Clemente III Recognizing that miners sold over 5,000 BTC in the past week – approximately $164 million worth at current prices
Miners sold over 5,000 BTC in the last week pic.twitter.com/5pEvLgIls2
— William Clemente III (@WClementeIII) June 7, 2021
Crypto writer Timothy Peterson also pointed out that the price of BTC remains below it. 200-day simple moving average (SMA) for 17 consecutive days.
“This metric has *always* marked the end of a bull run and the beginning of a bear market,” he insisted.
#bitcoin The price has broken below the 200-SMA for 17 consecutive days and counting. This indicator has *always* marked the end of a bull run and the beginning of a bear market. pic.twitter.com/6dpiFbUI7A
— Timothy Peterson (@nsquaredcrypto) June 7, 2021
Although the market is showing a minor intra-day bounce – BTC is currently hovering near $33,000 and has declined to $32,400 and ETH is currently changing hands towards $2,500, which is a local level of around $2,430. Has bounced off lows – both markets have crashed about 15% since posting. Related local highs on June 3 are $39,600 and $2,900.
However, while both Ether and Bitcoin have been shedding value in recent weeks, capital inflows to crypto investment products suggest that institutional investors are moving to Ether.
According to a June 7 report from CoinShares, bitcoin investment products saw Record outflow of $141 billion While last week Ether Products reported an inflow of $22 million.