Published on October 11th, 2017 | by bitcoin0
Is $5,000 within Reach? Bitcoin Falling After Reaching 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.
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.
As of now, bitcoin is only 4.8 percent short of its all-time high of $5,000 set in early September.