Bitcoin (BTC) Long-term Price Analysis – December 2

  • Bitcoin's current range could mean the bears will eventually be able to gather momentum to push southward.
  • The cryptocurrency’s price correction would, as such, go as far down as the $3,200 and $2,400 territories.

BTCUSD Long-term Trend – Ranging

Distribution territories: $5,600, $6,600, $7,600

Accumulation territories: $3,000, $2,000, $1,000

The price of Bitcoin against the US dollar has been declining in the last few weeks, going from over $6,400 to little under $4,000 before recovering. Recently, the cryptocurrency’s price made a push past the $4,400 accumulation territory.

Bitcoin, BTCUSD, Cryptocompare chartBitcoin Chart by TradingView

On November 25, the cryptocurrency briefly went below the $3,600 mark. On Nov. 29, BTC only managed to touch the $4,400 range, below the 14-day SMA’s trend-line. It has now been ranging between the $4,400 and $3,600 marks. The 50-day SMA is above the 14-day SMA, while the Stochastic Oscillators appear to be close to range 25.

This current range could mean the bears will eventually be able to gather momentum to push southward. The cryptocurrency’s price correction would, as such, go as far down as the $3,200 and $2,400 territories. This could also be the foundation for a bullish trend.

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

Luxury Cars and $15 Million in Crypto Seized in Chinese Arbitrage Scam Bust

Michael LaVere
  • Chinese authorities seized $15M in crypto and several supercars following scam ring bust.
  • The group was allegedly operating an arbitrage scam that promised users fake Huobi Tokens. 

Chinese authorities have reportedly seized more than $15 million in crypto-assets and $2 million in supercars after busting up an arbitrage scam selling counterfeit tokens. 

According to a report by China’s Ministry of Public Security, police in the city of Wenzhou arrested 10 individuals connected to operating a fraudulent cryptocurrency scheme. The report claims the arbitrage group was scamming victims using blockchain smart contracts to generate fake cryptocurrencies. 

Following the bust, authorities seized bitcoin, ether, and tether worth over 100 million yuan ($15 million). The report also claims police seized several supercars, including a Ferrari and a McLaren valued at more than $2 million, in addition to the luxury villa in which the scammers were staying. 

The arrested individuals had reportedly operated a smart contract scheme since 2019, which advertised a blockchain product that claimed to generate Huobi’s native token HT. Unsuspecting consumers were promised the tokens would generate arbitrage opportunities worth a return of up to 8%. 

One victim, identified as Li in the report, first notified police after joining a Telegram group belonging to the scam artists. 

Li told authorities, 

Simply put, you send one unit of ETH to a designated address, you will receive 60 HT. And then you can sell it to gain the difference.

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