Crypto Industry News:
The United States sold about 500 Bitcoins seized in 2018, for about $ 19.2 million. It was reportedly the largest net deal in the history of Ohio's Northern District.
Confiscated BTC was sold for nearly $ 19.23 million, acting prosecutor Bridget M. Brennan said on Thursday. The coins confiscated during the investigation were initially valued at around $ 2.88 million. Authorities did not disclose how or where the coins were sold.
The case concerned a 37-year-old man from Toledo, Mark Alex Simon, who produced false identity papers for residents of Ohio, Michigan and Utah. The documents include driving licenses and ID cards. He was paid for services in Bitcoins.
Simon pleaded guilty to fraud and the transmission of false identity documents in June 2019. He was sentenced to two years in prison. Prior to this case, Simon had already been questioned by the police in 2008 for producing false identity papers, but was not charged at the time.
In 2015, authorities spotted counterfeit cards in a bar near Wittenberg University on a website built by Simon. Court documents show that after months of investigation, police were able to link fake cards to Simon and other associates.
Authorities raided Simon's home in Toledo and the homes of others involved. They have taken over more than 500 Bitcoins.
In such cases, the proceeds are shared between federal agencies and local police departments involved in the investigation, and also used to compensate crime victims. Any remaining money is returned to the US Treasury Department.
Technical Market Outlook:
The BTC/USD pair has moved back to the consolidation zone as the new local low was made at the level of $33,067. The bulls have manage to bounce from the trend line support and are back above $34,000. The momentum is increasing and it is hovering around the neutral level of fifty points. The next target for bulls is seen at the level of $36,610 (61% Fibonacci retracement again) and $39,413 (technical resistance). Please notice, that any violation of the level of $32,565 will likely push the momentum back into the negative territory towards the key mid-term technical support is still located at $29,187.
Weekly Pivot Points:
WR3 - $41,360
WR2 - $38,888
WR1 - $37,348
Weekly Pivot - $34,961
WS1 - $33,339
WS2 - $30,861
WS3 - $29,475
Trading Recommendations:
The bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $70,000. Any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $30,000 is clearly broken on the daily time frame chart (daily candle close below $30k).
