It’s been some rough several weeks for Bitcoin, however, the first and top cryptocurrency wasn’t the only asset in the crypto market that was caught up in the latest negative market trends.
During the last week, BTC even touched its new low, at the same time marking the lowest price for 2018 by declining to under 4,500$.
However, November 20th has brought relief to the market so we can see the cryptos going up in a mass bull run today, Bitcoin included.
How is Bitcoin doing today and can the latest gains pull the crypto up towards a more flattering value?
Bitcoin Takes a Dip with the Rest of the Market: Relief Takes Place Weeks Later
For weeks it seemed like the market was going down towards a complete devaluation of the total value of all digital assets on the crypto scene.
Bitcoin declined down to reach its new low of under 4,500$ per one unit, also dropping from its previous market cap of nearly 111 billion dollars to around 87 billion in market capitalization.
These trends weren’t affecting only the top cryptocurrency, Bitcoin, but have also done a severe damage to many top trading digital assets, which includes Bitcoin Cash and Ethereum as well.
Bitcoin (BTC) Price Today – BTC / USD
However, weeks later relief comes to the ravaged market on November 20th to allow the cryptos to take a major leap forward and collect some serious gains that could at least compensate for a small portion of market losses.
BTC is still seen in the red on its weekly chart with negative returns of -26% against the fiat, although the crypto is currently seen in the midst of positive market trends.
Thanks to the mass rebound in the cryptocurrency market, Bitcoin is able to acquire over 3% of gains in the last 24 hours, potentially taking the leap towards breaking the resistance of 5,000$.
Is Bitcoin Able to Get Past the Value of 5,000$ in the Course of a Week?
Bitcoin jumped from the price of just under 4,500$ to its current value of 4,656$ in the course of a single day thanks to the positive market trends that are taking place after a prolonged dip.
At this rate of growth, in case that Bitcoin continues with rises, BTC might be able to get past the value of 5,000$ and acquire more positive momentum to at least get back to the value of above 6,000$ in the next 5 weeks by the end of 2018.
In the course of the next seven days, if the market “decides” to stick to the bullish trend we are seeing on November 20th, BTC might as well get to the value of 5,000$ from its current price.
At the same time, Bitcoin could take a chance of going from 5,000$ to 6,000$ in the following weeks as promptly as it took a dip in the last days to drop to a new low for the year of 2018.
BTC is definitely showing signs of recovery today, which means that BTC still has some chances of taking an appropriate rebound that could take it to a higher price in the following weeks.