A closely followed trader says that deep-pocketed crypto holders have unloaded tens of thousands of Bitcoin (BTC<\/a>) in just seven days.<\/p>\n Trader and on-chain sleuth Ali Martinez says that Bitcoin whales have been selling off their Bitcoin stacks as BTC hit a new 2023 high of about $38,000.<\/p>\n \u201cBitcoin whales have been booking profits, selling or redistributing around 60,000 BTC over the past week, worth roughly $2.22 billion.\u201d<\/em><\/p>\n According to Martinez, Bitcoin whales are not the only investor cohort that has been dumping their BTC troves. The analyst previously noted<\/a> that Bitcoin miners have unloaded 5,000 BTC worth about $175 million over the last few weeks.<\/p>\n The trader also issued a warning that Bitcoin could drop all the way down to $33,000 as the Tom DeMark (TD) Sequential indicator flashed a bearish signal on the weekly chart.<\/p>\n The TD Sequential indicator traces a series of price points to signal possible trend reversals.<\/p>\n Said<\/a> Martinez,<\/p>\n \u201cAlthough I\u2019m not touching my spot BTC position until some time in 2025, I\u2019m inclined to enter a short in the futures market.<\/em><\/p>\n Want to know why?<\/em><\/p>\n Well, the TD Sequential presents a sell signal on the weekly chart as BTC approaches an important area of resistance between $38,500 and $42,000.<\/em><\/p>\n I believe this resistance wall could trigger a correction toward $33,000, where I plan to buy the dip before the uptrend resumes. Invalidation would be a weekly candlestick close above $42,500.\u201d\u00a0<\/em><\/p>\n At time of writing, Bitcoin is worth $36,415.<\/p>\n Looking at the decentralized oracle network Chainlink (LINK<\/a>), Martinez says that the altcoin is likely poised for a significant pullback with the TD Sequential indicator showing a bearish signal on multiple time frames.<\/p>\n \u201cIt looks like Chainlink is bound for a correction!<\/em><\/p>\n The TD Sequential presented a sell signal on LINK daily, three-day, and weekly charts, anticipating a retracement toward $12.50. Failing to hold above this critical support area could extend the losses to $10.50.\u201d\u00a0<\/em><\/p>\n At time of writing, LINK is trading for $14.54.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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