Crypto Industry News:
The US Marshals Service (USMS), a federal law enforcement agency in the US Department of Justice, will auction more than 4,000 confiscated Bitcoins.
According to the official USMS website, the agency plans to sell "about" 4040 Bitcoins (exactly 4040.54069820), requiring $ 200,000 to participate in the auction. USMS authorities said they would refund deposits to non-winning bidders, promising to initiate a refund of lost deposits within five business days after transferring Bitcoins to the winning bidder.
The agency stressed that the auctioned Bitcoins were taken over in various federal criminal, civil and administrative proceedings.
Bidder registration is open from February 3 to February 12, while the online auction will take place on February 18. As the body plans to auction from 8:00 am EST Eastern Time to 2:00 PM EST on February 18, the winners are scheduled to be announced at 17:00 EST. USMS may, however, spend more time announcing the winners based on the number of offers received and the complexity of the review process, which may require additional time, we read in the announcement.
Like previous auctions organized by USMS, the upcoming auction will be divided into parts. The Bitcoin auction will be divided into series with 2500, 1000, 500 and 40.54069820 Bitcoins.
To date, many governments have auctioned confiscated Bitcoins. In February 2018, the Wilsons Auctions auction house based in Great Britain and Ireland organized the first Bitcoin auction, and a year earlier in 2017, 216 Bitcoin auction plans were announced by the South Korean government.
Technical Market Overview:
The BTC/USD pair has bounced from 38% Fibonacci retracement and made another higher high at the level of $9,715 overnight. The next target for bulls is the obvious $10k level. The bulls might be still in control of the market, but the counter-trend correction down might resume any time now. Please notice the momentum is clearly decreasing as well, which supports the near-term bearish outlook, that might occur when the level of $10,000 is finally hit.
Weekly Pivot Points:
WR3 - $10,823
WR2 - $10,138
WR1 - $9,838
Weekly Pivot - $9,130
WS1 - $8,807
WS2 - $8,069
WS3 - $7,777
Trading Recommendations:
The market might have made the first impulsive wave up of a higher degree. This strategy is valid as long as the level of $7,582 is not violated. Nevertheless, the larger timeframe trend is still down and all the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend until the level of $10,278 is clearly broken.
