A crypto analyst is sounding the alarm, noting that Bitcoin (BTC) is showing signs that a sell-off event may be on the horizon.
Ali Martinez, a prominent crypto strategist, highlights the Tom Demark (TD) Sequential indicator as the basis for a potential corrective move. This indicator traces a series of price points to identify potential trend reversals. Martinez emphasizes that, “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.”
Martinez also points to the behavior of Bitcoin miners, explaining that they have been taking advantage of the recent rally to offload thousands of BTC. She notes, “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.”
Currently, Bitcoin is trading at $37,026. On the other hand, Ethereum (ETH) has reclaimed the $2,000 mark without significant involvement from wealthy investors. Martinez states, “Ethereum has reclaimed the $2,000 threshold, and intriguingly, this is all happening before whales have even started buying.”
Ethereum is currently trading at $2,042.
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