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Bitcoin Test Dump?

Bitcoin Test Dump?

Confirmed market structure shift on the 4H timeframe accelerated price action with a strong bearish expansion into key support - the market now is likely to consolidate on the lower timeframes before another expansion.

Bitcoin Insider
October 02, 2024 • Estimated Reading Time: 6 minutes

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Bitcoin is in a local down trend within a trading channel that has held price captive for a considerable period of time. It is noticeable that each rejection from the high has lead to strong bearish expansions to new lows.

In recent news events, The Australian Federal Police with the help of an analyst has cracked the seed phrase to a crypto account belonging to an individual that is an owner of a crime messaging app.

Today’s report will also include:

Updated Technical Analysis
Other key market developments
Wisdom Drops

Bitcoin Price Analysis

All of Bitcoins previous highs have been established at the top of this visible descending channel. This has been a pattern that has been going on for the majority of the year, each high has also been a lower high. The recent rejection in price action is simply another lower high.

Currently price action is testing the support of the channel, an impulsive thrust here can be expected before a continuation in the sell-off. The next logical target will be the .618 Fibonacci - volatility in price action is likely to occur here.

Overall, Bitcoin is currently in a corrective phase, lower prices is probable with an acceleration into the .618 Fibonacci. The trend has shifted bearish, lower is to be expected until this changes.

Bitcoin Insider will continue to monitor these time sensitive price development for the next update.

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Feds ‘deciphered’ seed phrase to access suspect’s crypto

The Australian Federal Police (AFP) disclosed that they successfully accessed a cryptocurrency stash worth $6.4 million AUD by decoding a seed phrase. This action was part of Operation Kraken, targeting the assets of Jay Je Yoon Jung, the alleged developer of an encrypted messaging service named "Ghost," which is purportedly utilized by criminal organizations.

According to the AFP, the cryptocurrency was secured after an analyst from the Criminal Assets Confiscation Taskforce managed to decode the seed phrase from digital devices seized from Jung's residence. This enabled the transfer of the cryptocurrency into a secure AFP storage. The AFP plans to eventually transfer these funds to the government, potentially for supporting law enforcement activities.

This seizure marks the second instance in Operation Kraken where assets linked to Jung and his app have been confiscated; previously, assets amounting to $1.4 million AUD were seized in August. AFP's acting Commander Scott Raven emphasized their commitment to seizing illegally gained assets, regardless of how they are concealed.

However, details on how the seed phrase was deciphered remain undisclosed due to ongoing legal proceedings. Jung, arrested on September 17, faces charges that could lead to up to 26 years in prison, accused of aiding criminal activities through Ghost, which has allegedly facilitated crimes from drug trafficking to planned murders, with the AFP claiming to have thwarted 50 such threats.