BitcoinAverage Blog

bitcoin price news and analysis

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There is nothing quite like a Happy new year and $1000 Bitcoin, to cap off what has been an amazing past year for Bitcoin investors. In a matter of 30 days, Bitcoin has had a phenomenal run rising +29%, from $800 on December 17 to $1032 on January 2, 2017. The market capitalization of Bitcoin surpassed the $16 billion mark, taking a stunning pole position for the decisive best performing commodity and currency awards in 2016. Bloomberg, Reuters, CNBC covered the digital asset’s impressive rise over the past month, ebbing away the skepticism of new investors. Buyers coming in this week, from this renewed wave of interest, will possibly only ever marginally heard about this niche market.

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This week the price of bitcoin traded within $400 and $420 range seen on the 4 hour chart above, moving sideways for most part of the week. Last week’s short run up from $382 to $420 was the first attempt at breaking $420 price ceiling. This resistance level was retested again this week but, fai...

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This week, the bitcoin price retraced back up above the $400 level, from its $382 low on March 5, 2016. This low was the result of a sharp sell off from $423, last week’s bearish price action. This week’s price action has been limited to a $10 trading range, with $420 as upper and $410 as lowe...

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Last week’s bitcoin price report signed off with this forecast:

“This week bitcoin is bearish in the immediate short term, with targets for a low rebound at $400, and an allowance to $385.”

This week, bitcoin markets moved precisely as forecast, down to a low $382 on Bitstamp. The price grad...

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This week the price of bitcoin retraced from last week's temporary high at $451, moving down to a low $410 on February 23. As of writing this, the market sits at $438, a local top dating back to $410. Price has been gradually creeping up an upward sloping trend line, attempting to retrace the $40...

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