Crypto Industry News:

Another batch of 50 BTC, which has been lying untouched since 2010, has been moved today from home addresses. Their value is estimated at about $ 570,000 today. The block explorer data shows that these 50 coins were first sent to this address on November 9, 2010 as part of a Coinbase transaction. This means, no less than that, that these BTCs were the block mining award that was awarded to the miner.

No other transactions took place on this wallet. Until today, of course. The only exception is 0.00000547 BTC, which was sent to this address at the end of August in a spam-like transaction (over 300 different wallets were affected). Most likely it was a so-called “dust attack”, mainly used to track BTC movements.

The coins were sent to three different addresses today: two Bech32 (SegWit format) and one P2SH, mainly used for multi-signature and non-native SegWit transactions. The transfers were 30.16, 12.48 and 7.34 BTC respectively.

Recently, more and more coins from Bitcoin’s earliest days are “waking up”. As of early October, two batches – 50 BTC ($ 570,000) and 1,000 BTC ($ 11.4 million) – have been moved out of deep sleep. Earlier, in May, another batch of BTC was released.

Technical Market Outlook:

After the BTC/USD pair had made a new local high at the level of $11,679, just above the technical resistance seen at $11,646, the bears took temporary control over the market and push it back towards the technical support located at $11,223. Since then the BTC/USD pair has been consolidating in the narrow zone located between the levels of $11,439 – $11,250, still below the supply zone. Please notice, Bitcoin is now trying to enter the supply zone located between the levels of $11,646 – $11,785, so some kind of the bearish pressure might be seen. In that case, the price might pull-back towards the technical support seen at the level of $11,223 or $11,062. Any violation of the last one will likely result in a further correction towards the level of $10,940 or below.

Weekly Pivot Points:

WR3 – $12,712

WR2 – $12,078

WR1 – $11,737

Weekly Pivot – $11,125

WS1 – $10,786

WS2 – $10,156

WS3 – $9,820

Trading Recommendations:

The weekly trend on the BTC/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. All the dynamic corrections are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $13,712. The key mid-term technical support is seen at the level of $10,000.

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The material has been provided by InstaForex Company – www.instaforex.com

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