Crypto markets tumble after miners unload 5,000 BTC in one week

Crypto markets tumble after miners unload 5,000 BTC in one week


The crypto markets are against dropping, with Bitcoin crashing below $33,000 for the first time since May 23 as Ethereum similarly broke below support at $2,500.

The downward momentum comes as bearish indicators continue to stack up for Bitcoin, with popular analyst 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

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Crypto author Timothy Peterson also highlighted that BTC’s price has remained below its 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.

#Bitcoin price has dropped below 200-SMA for 17 consecutive days and counting. This metic has *always* marked the end of a bull run and the start of a bear market. pic.twitter.com/6dpiFbUI7A

— Timothy Peterson (@nsquaredcrypto) June 7, 2021

Although the

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