Judges Rule FBI Not at Fault for Erasing Hard Drive Containing $345M in Bitcoin
Court Ruling on Identity Theft Case: Michael Prime, convicted of identity theft, lost his lawsuit against the FBI regarding the seizure and wiping of a hard drive containing over 3,400 Bitcoin, valued at $345 million, as the court found his claims inconsistent and unreasonable.
Inconsistent Claims About Bitcoin Ownership: Initially, Prime claimed to own a small amount of Bitcoin, but later asserted he had a significant amount after his hard drive was wiped, leading the judges to question the credibility of his claims.
Judges' Opinion on Bitcoin Valuation: The Eleventh Circuit judges dismissed Prime's explanation for his lower reported Bitcoin holdings, stating that his valuation was "preposterous" given the market value of Bitcoin at the time.
Loss of Bitcoin Accessibility: The case highlights the importance of cryptographic keys for accessing Bitcoin, as losing them results in permanent loss of funds, with estimates suggesting that a significant portion of Bitcoin is already lost forever.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC) As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 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 stock.
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 | 36135.061 | 48067.531 | 60405.081 | 72337.551 | 84675.101 | 96607.571 | 108945.121 |
| Fibonacci | 48067.531 | 57338.678 | 63066.403 | 72337.551 | 81608.698 | 87336.423 | 96607.571 |
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