US Marshals Service to auction 660 Bitcoins: BTC/USD to reclaim $6,400 support

The US Marshals Service (USMS) has announced that it will be selling about $4.2 million in Bitcoin (BTC) through an auction exercise. The digital assets are being offloaded after the Department of Justice (DOJ) collected them from past criminal proceedings.

The details of the auction were published on the US Marshal Service website. In order to take part in the exercise, individuals must deposit $200,000. The process will be conducted in a sealed bid auction before October 31. However, the actual bit for the BTC will be held on November 5, 2018. A sealed bid auction requires that bidders place their bids without the knowledge of offers from other bidders. In addition, they are not allowed to alter their bids value after the initial figure. The DOJ is going to divide the BTC into 6 parts of 100 Bitcoins each and an extra 60 BTC part.

Bitcoin price technical picture

Bitcoin price is trading into and out of the resistance range with an upper limit at $6,800 and the support range with the main anchor at $6,000. As discussed in the earlier published price analysis, BTC/USD motionless trend has come to halt. The price broke the short-term support at $6,400 and corrected lower marginally below $6,360.

Currently, the buyers are battling to regain control of the price. Besides, there has been a bounce leading to an upward correction above $6,380. The hourly moving averages are offering both support and resistance; the 100SMA is limiting movement to the upside while the 200SMA offered support at $6,320. Technical indicators on the chart are sending bullish signals towards the 50% mark while the MACD is ranging slightly below the mean level. Bitcoin is likely to continue retracing higher and could break the $6,400 resistance (broken support).