Bitcoin (BTC) Long-term Price Analysis – February 17

  • Currently, the bears are also seemingly unable to create a significant move on the market.
  • Traders are to be on the lookout for a breakout above the 50-day SMA to enter a long position.

BTCUSD Long-term Trend – Ranging

  • Distribution territories: $4,500, $5,000, $5,500
  • Accumulation territories: $2,500, $2,000, $1,500

Bitcoin’s price has been ranging in the last few trading sessions. The cryptocurrency has essentially been seeing various lower lows and lower highs, around the $3,500 mark, since January 11.

Bitcoin, BTCUSDBitcoin Chart by TradingView

The cryptocurrency’s 50-day SMA is currently above the 14-day SMA, while the Stochastic Oscillators have crossed from ranges 80 and 60 where they’re now consolidating. It’s currently unclear whether the bulls will be able to gather the momentum they need to help BTC’s price grow.

Currently, the bears are also seemingly unable to create a significant move on the market. Traders are to be on the lookout for a breakout above the 50-day SMA to enter a long position.

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

Children’s Toy Drug Bust Leads Police to $1 Million Crypto Seizure

Michael LaVere
  • Australian authorities seized more than $1 million in crypto following a children's toy drug bust.
  • An Australian couple attempted to transport MDMA hidden in a child's toy through international mail.

Ecstasy hidden in a child’s toy led Australian authorities to a record-breaking cryptocurrency seizure. 

According to a report by the Sydney Morning Herald, Western Australian (WA) authorities seized a record amount of cryptocurrency from a couple attempting to transport ecstasy hidden in a child’s toy painting kit. 

While screening international mail, Australian Border Force (ABF) officers found 27.5 grams of MDMA tablets and a similar amount of powder concealed inside the children’s toy. The report claims the package had been sent from the UK and was en route to the Perth metropolitan area. 

The ABF officers alerted federal and WA authorities, which led detectives from the meth transport team to raid a property in Marangaroo where they seized more than 1.5 million AUD (~1.03 million USD) in cryptoassets. 

A man and a woman were arrested and charged by authorities for their role in the drug operation. 

Detective Senior Sergeant Paul Matthews, who was in charge of the drug and firearm squad, said of the record-breaking seizure, 

While WA Police Force has seized millions of dollars worth of physical property and bank account assets in the course of several drug investigations, particularly those involving established criminal networks, the identification and freezing of over $1.5million of cryptocurrency in these circumstances highlights the current digital environment in which law enforcement agencies must operate.

Australian Border Force commander Rod O’Donnell said that his officers are awake to the “many creative methods” criminals are using to import drugs. 

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