Bitcoin Shows Bearish Signal as Miners Dump $175,000,000 in BTC: Crypto Strategist – The Daily Hodl

A closely followed crypto analyst is issuing a warning, saying Bitcoin (BTC) just sent a signal that suggests a selloff could be imminent.

Crypto strategist Ali Martinez warns that Bitcoin’s Tom Demark (TD) Sequential indicator points to a possible corrective move.

The TD Sequential indicator tracks a series of price points to indicate possible trend reversals.

Martinez says,

“Bitcoin: The TD Sequential shows sell signals on the weekly and three-day BTC charts!” Remember: the last time TD showed buy signals on both time frames was in early September, sparking the recent bull market.”

Source: Ali Martinez/X

Looking at the activity of Bitcoin miners, Martinez says that the investor cohort has taken advantage of the recent rally to dump thousands of BTC.

“Since Bitcoin rose above $34,000 in late October, BTC miners have been selling.

Since then, over 5,000 BTC worth approximately $175 million have been dumped.”

Source: Ali Martinez/X

At the time of writing, Bitcoin is trading at $37,026.

As for Ethereum (ETH), Martinez notes that the coin’s recent rally began without inflows from deep-pocketed investors.

“Ethereum has reclaimed the $2,000 threshold, and interestingly, this is all happening before whales have even started buying.”

Source: Ali Martinez/X

At the time of writing, Ethereum is trading at $2,042.

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

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