Closing on $4k: Bitcoin Price Returns From One-Week Lows

A quick recovery from one-week lows seen today may have helped bitcoin (BTC) avert a bigger sell-off, but the bulls are not out of the woods yet.

The leading cryptocurrency by market capitalization established a bearish lower-high pattern at $4,400 last week and closed (UTC time) well below $4,000 yesterday, confirming an end of the corrective bounce.

As a result, BTC was on the defensive earlier today, with prices hitting a one-week low of $3,730 on Bitstamp, before quickly rising back to near $4,000.

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