it's been another crazy week in the cryptocurrency Bitcoin world we have a special report tonight talking about Mount Cox and how Mount Cox is once again haunting the Bitcoin cryptocurrency world good evening and welcome to Bitcoin Monday I'm your host Patrick Whelan tonight we're talking about all the latest and greatest news in the Bitcoin world we're also talking about Mount Cox and how Mount Cox is once again affecting the price of Bitcoin news tonight out of the Czech Republic co-founder of Nakamoto X will be launching a blockchain startup based on using excess heat from cryptocurrency mining farms to warm greenhouses in the Czech Republic after last week's finance issues by Nance's offering two hundred and fifty thousand dollars for the arrest of hackers involved with the by Nance API hack Chinese crypto mining giant bitman to be developing cryptocurrency facilities in the us

looking to open a cryptocurrency mining facility in Washington to capitalize on the low power cost in that area of the country as the price of Bitcoin heads lower so do the number of Google searches the number of Google searches for Bitcoin has dropped to the lowest level since October of last year Google Trends shows that the search is for Bitcoin were most popular between December 17th and the 23rd of 2017 this would have been the same time that Bitcoin broke over twenty thousand dollars now let's get to the special report on mount GOx and what's going on with the mount cox trustee and how is it affecting the price of Bitcoin so developing news tonight mount docks trustee has sold over four hundred million dollars worth of cryptocurrencies in the last few months first you need to understand what mal Cox was and how mal Cox went from the top to the bottom in the Bitcoin exchange world mal Cox was a Bitcoin exchange launched in 2010 by 2014 mount Cox was handling over 70% of all Bitcoin transactions worldwide it was the largest Bitcoin exchange in the world in February 2014 mal Cox suspended trading closing its website and exchange services filing for bankruptcy protection mal Cox announced that over 850,000 bitcoins belonging to customers and their company were missing unlikely stolen an amount valued at that time at 450 million dollars after all this happened somehow 200,000 bitcoins were found and then now those are the bitcoins that are being sold on the market by the mountain ox trustee on March 7th mount Cox trustee published details of the sale showing that have sold over 405 million dollars worth of Bitcoin and Bitcoin cash according to the report the trustee liquidated 35,000 Bitcoin and 34,000 Bitcoin cash the Mount Cox trustee has been flooding the market with Bitcoin on every panic drop you can see here on the chart when the trustee moved Bitcoin from the Mount cocks wallet and into exchange wallets and then we believe he sold massive amounts of Bitcoin as the market was dropping according to the report more liquidations could be coming the trustee still has 166 thousand Bitcoin in his possession worth 1 point 7 billion dollars at today's market value now long-term what does this mean for Bitcoin the market will absorb these 166 thousand Bitcoin over time if he continues to add selling pressure on every major drop it could easily push Bitcoin down to all new lows so the market is very wary of what's going on with this mount cox trustee and at any time he could flood the market with bitcoin and artificially deflate the price very quickly as the supply shoots through the roof so we will be watching to see what happens over the next couple weeks with this mount cox news so we're taking a look here tonight at the overall chart on Bitcoin this is the daily chart and you can see Bitcoin recently getting up there to $12,000 twice having a double top there at the $12,000 area and then also kind of pulling back down here to the $8,000 twice so now we're in a very clear area either we're gonna break lower here or we could possibly have a double bottom and we could go for that third retest of that $12,000 area and look to break over 12,000 at that point Bitcoin making a move from the $8,600 area back up there to 9900 and trying to break into the 10,000 area but having trouble you can see we get these big pops and then we get selling pressure selling pressure and we get sell-off sell-off so we're getting you know these nice little pops we're kind of consolidating we're moving sideways but overall Bitcoin having trouble there at that 12,000 dollar area and then making this kind of lower low here after we bounce off the $9,300 area last week and you can see you know it's been just kind of frustrating cuz we do kind of make progress and then the sell offs happen in the sell-off seem to happen faster then the upside is going on if you do look at the weekly chart let's take a look at the weekly chart here on Bitcoin it looks a little bit better right now it's not looking as good with this red candle that we have forming I was hoping to kind of get above this $10,000 area recently but I think if we can hold this $8,000 area it'll be a key sign that we are making a higher low in general now you can see that $12,000 area giving us a lot of trouble that 12,000 our area is going to be a key area keep talking about 12,000 12,000 if we can you break over 12,000 I think it'll be very clear indicator that Bitcoin is possibly bullish momentum going once again over 12,000 were bullish under 12,000 we're in a weird area below 8,000 we're not good so we need to stay between 8 and 12 for now if we go sideways between 8,000 12,000 dollars for a little bit that's gonna be okay as well but that eight thousand dollar area is a key area that we need to hold it's pretty much if you're looking to buy the dip on anything else you're looking at Bitcoin if you're looking to sell where is that resistance that you're looking at Bitcoin I've been treating the last couple days trading litecoin and I'm basically looking at Bitcoin as I'm trading like one because I'm thinking okay bitcoins I can good bitcoins good oh gosh it's selling off it's time to get out of like going it's time to get out it's like a lagging indicator once Bitcoin starts to sell off everything else is follow so it's very important if you are trading cryptocurrencies keep an eye on the Bitcoin chart this is the weekly chart so it's gonna be a little bit different looking at this but you can see I do like how look at this candle on this weekly chart we got down here to this 5800 and look how fast this push back up there and kind of show that there are buyers there below 8,000 we could probably see 6000 very quickly after that so a lot of people gonna be watching these key areas we're either gonna turn bullish here and break above that 12,000 our area very soon or we might see new lows down there to the 5,000 below $5,000 a year yeah I don't want to say it but 3,000 our area is kind of sitting there looking at us like hey I might touch down there it's 3,000 our area is kind of that next support area on Bitcoin below this $5,000 area so a couple things to watch keep an eye on Bitcoin no matter what you're trading just keep an eye on it when I'm trading litecoin I'm watching Bitcoin very closely I've always got Bitcoin chart pulled up I've got did you bite side by side I'm looking to buy dips I'm not looking to buy these crazy rips out of nowhere I'm looking to buy these calculated dips at those key support areas so once again Bitcoin at a very pivotal area we'll see what happens this week in the cryptocurrency world if you guys haven't already make sure you subscribe to the channel and I'll be back next Monday here on Monday night Bitcoin you

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