Bitcoin keychains on circuit board (Image: BTC Keychain)

$5,000 in Reach? Bitcoin Falls Back After Hitting 5-Week High

Supported by strong volumes, bitcoin prices sprinted to a five-week high of $4,875 last night before the move ran out of steam.

Bitcoin keychains on circuit board (Image: BTC Keychain)
Bitcoin keychains on circuit board (Image: BTC Keychain)

The bitcoin-U.S. dollar (BTC/USD) exchange rate spent 12 hours working hard to retake $4,800. However, at press time, bitcoin’s price had dropped to $4,770 – still up 12 percent in the last 24 hours. Week-on-week, the price is up 10 percent, while on a monthly basis, the cryptocurrency has seen 12 percent gains.

Indeed, despite the Chinese ban on ICOs as well as hints Russia may take new restrictive actions, bitcoin has been able to regain poise in a relatively short period of time. Less than a month ago, BTC had dropped to $2,980. As of now, bitcoin is only 4.8 percent short of its all-time high of $5,000 set in early September.

The stellar recovery could be attributed to an increased trading activity in Japan, South Korea and Hong Kong in the aftermath of Chinese crackdown. Speculation is also doing the rounds that fears of increasing ICO restrictions across the globe may have triggered a rotation of money out of ether and ethereum-based tokens and into bitcoin.

Currently, bitcoin looks set to revisit record highs.

Read more: CoinDesk

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