BitcoinAverage Blog

bitcoin price news and analysis

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On the 28 of January 2016, Blockstream announced its strategic partnership with PriceWaterCooper (PwC), one of the four largest international accounting firms.

“PwC brings deep industry experience, a broad range of business services and cutting-edge client insights,” read part of a blog post that announced this development, “Together, PwC and Blockstream will help companies evaluate cryptocurrencies and blockchain technologies and launch new uses for the Bitcoin protocol.”

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The overall Bitcoin price move during the 4th week of the new 2016 is definitely bearish.

After reaching $405.97 during the last hours of the 3rd week, the price started the new week with a stronger decrease during decent trading volumes.

Week 4 Bitcoin Price Behavior

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In an article he published at the beginning of this week, Bitcoin enthusiast and writer, Jon Southurst, explained that the mainstream media could provide a fresh perspective on Bitcoin if only they were accurate in their reporting.

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The above chart is bitcoin price action over the past week. After breaking down to a low $352, the price retraced this week, spiking up to a local high at $428 on Wednesday January 20th at 8pm UTC. The price of bitcoin is often swayed by news speculation; bitcoin was fortunate to receive a ton of mentions at the World Economic Forum this week, capped off by a report by the IMF subtly extolling its value proposition. $428 peak failed right below a resistance level at $431; price went on to retrace the whole spike down to $371. At the time of writing this, bitcoin is trading at $399 on Bitstamp.

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The mainstream media seemed to have been busy at work in the past week squeezing hard Mike Hearn’s farewell article to the Bitcoin community for any drops of evidence to support the hypothesis that the cryptocurrency is no longer a viable idea.

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