A closely followed crypto analyst is issuing a warning, saying Bitcoin (BTC) just flashed a signal suggesting that a sell-off event may be imminent.

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

The TD Sequential indicator traces a series of price points to signal possible trend reversals.

Says Martinez,

“Bitcoin: the TD Sequential is flashing sell signals on BTC weekly and three-day charts! Remember, the last time TD showed buy signals in both timeframes was in early September, kickstarting the recent bull run.”

Source: Ali Martinez/X

Looking at the activities of Bitcoin miners, Martinez says that the investor cohort has been using the recent rally to unload thousands of BTC.

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

Over 5,000 BTC, worth approximately $175 million, have been offloaded since then.”

Source: Ali Martinez/X

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

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

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

Source: Ali Martinez/X

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

Generated Image: Midjourney

The post Bitcoin Showing Bearish Signal As Miners Unload $175,000,000 in BTC: Crypto Strategist appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ November 12, 2023 9:21 pm