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.