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Home Altcoins

Market Slump Returns Bitcoin To 5k Support, But All Is Not Lost

by Freddie Miller
November 27, 2019
in Altcoins, Cryptocurrency, Price Analysis
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Bitcoin (BTC), the number one cryptocurrency in the market, has again retreated to settle around its psychological support at $5,000 subsequent to a failed attempt to exceed the $5,500 resistance.

After reaching a weekly maximum of $5,488 on the Coinbase exchange at the hours of the North American trading session yesterday, Bitcoin value plummeted to $5,200 overnight, and later arrived $5,047 as at press time with an increased selling pressure.

Bitcoin, according to CoinMarketCap has lost 4.13% of its value in the last 24 hours, placing the market cap of the digital assets around $89 billion.

While some analysts, including capitalists in the crypto world, still evangelized the readiness of the market for an upturn move yesterday, the latest slump seems to have thrown spanner into the bullish setup that predicted a value as high as $12,000 for Bitcoin by the year end.

However, all seems not lost. As the crypto asset still maintains a stable support above $5,000 mark, there are great signs that Bitcoin will still return on the upside trend.

Also, some market experts have opined that Bitcoin has bottomed enough and that was the last time it would be testing the bear. Similarly, popular Bitcoin podcast presenter Nye, in his comment on Twitter said Bitcoin will never fall below 4k again.

Despite the market slump, the presenter, according to his update on twitter, said he still found the courage to evangelize the benefits of Bitcoin over the present fiat system to an Uber driver this morning.

Just sat for 25 extra minutes in my uber as I debated the driver on the importance of Bitcoin and the faults of our economic system.

He is 100% convinced that Bitcoin has no value and that the printing of money is acceptable and even healthy.

What would you have said to him?

— Nye (@MrMichaelNye) April 11, 2019

Tags: Bitcoin NewsBitcoin PriceBitcoin Price AnalysisBitcoin Price PredictioBitcoin price predictionBitcoin Price Prediction For the WeekBitcoin Price Prediction for the weekendBitcoin Price to $5CZ Binance Bitcoin PriceThomas Lee August Bitcoin Price PredictionThomas Lee Bitcoin Price PredictionTom Lee Bitcoin Price
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NewsLogical Inc. is a U.S.-centric firm established in 2019 with the aim of providing resourceful and up-to-date cryptocurrency and blockchain information.

Email: info@newslogical.com

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Contents on NewsLogical.com are only for informational purposes and should not be construed as financial or investment advice.

Trading cryptocurrency is considered a high-risk activity that requires technical knowhow because digital currencies are generally volatile.

Contact financial experts for guidance before making any cryptocurrency investment decision.

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