Bitcoin has blasted through the important $14,000 level and the path towards the all-time highs at $20,000 is now clear. The week saw almost $1 billion in BTC moved from a wallet that has been dormant since 2015.
The stash of 69,000 Bitcoin, which was worth around $975 million, was shifted from a wallet that some assumed was holding comes from the infamous silk road underground market that popped up in Bitcoin’s infancy. Twitter user Aaron Gal who operates a security firm had alerted traders to the wallet previously and was shocked by the move saying:
“UNBELIEVABLE – Someone was able to crack the password of the Bitcoin wallet I reported on only a short time ago and spend the $1,000,000,000 that was inside it!”
The movement of BTC could have been related to Gal’s previous writings on the account, which may have alerted the owner to the wallet, or it could have been opened by password hackers. The latter would be tough to pull off but is still a possibility.
Bitcoin is powering higher as much of the cryptocurrency industry moves lower; especially in the altcoin space. BTC is attracting institutional flows as it matures as a store of value, however, there is less appetite for projects as their path higher will depend on adoption, which may be another year away..
Bitcoin Technical Outlook
Bitcoin has vaulted above the $14,000 resistance and the path is open to the all-time highs near $20,000. If traders want to go long then a stop can go below today’s low or under $14k. The Investing Cube team is currently available to help all levels of traders with the Forex Trading Course or one-to-one coaching.
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Bitcoin Daily Chart
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