Irish Authorities Recover 500 Bitcoin from Convicted Drug Dealer

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 2 hours ago

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Bitcoin Wallet Recovery: Irish authorities successfully regained access to a Bitcoin wallet linked to convicted drug dealer Clifton Collins, containing 500 Bitcoin valued at over $35 million, marking a significant breakthrough in recovering lost assets.
International Cooperation Support: The operation was supported by Europol, which provided complex technical expertise and decryption resources through meetings in The Hague, ensuring the success of the recovery effort.
Wallet Background Revealed: Reports indicate that Collins purchased 6,000 Bitcoin through cannabis operations in 2011 and 2012, with wallet keys previously hidden inside the aluminum cap of a fishing rod case, which was lost when the paper went missing.
Asset Control Situation: According to blockchain intelligence platform Arkham, Collins currently controls 14 addresses holding approximately 5,500 Bitcoin, worth over $391 million at current prices, highlighting his significant presence in the cryptocurrency space.

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Technical Analysis for BTC

Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Buy technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 4 indicators are flashing buy, while 1 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Bitcoin (BTC) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	58310.602	62835.631	66949.942	71474.971	75589.282	80114.311	84228.622
Fibonacci	62835.631	66135.859	68174.743	71474.971	74775.199	76814.083	80114.311

About BTC

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009.Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created, according to Nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”Some concepts for a similar type of a decentralized electronic currency precede BTC, but Bitcoin holds the distinction of being the first-ever cryptocurrency to come into actual use.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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