A wireless velocity detector for a bicycle includes a coil mounted on the wheel hub of the bicycle which generates a rotating magnetic field as the wheel rotates, a receiver mounted on the handlebars that includes a pair of coils that sense variations in the strength of the rotating field as the bicycle moves and generates signals in response to the field variations and a microprocessor which converts the signals into information related to the movement of the bicycle, e.g. speed and distance. A liquid crystal display is used to display the information to the cyclist.