Bitcoin rallies to move closer to $5,000 as ether slides

Bitcoin has been on a hot streak this week.

Bitcoin rallied on Thursday in a bid to reclaim its all-time high of $5,000 as jitters over China’s move to declare initial coin offerings illegal further receded.

One bitcoin BTCUSD, +0.58% climbed 1.4% to $4,679.60. However, ether, which trades on the Ethereum platform, slid 1.9% to $331.42, according to data from

The Chinese government last weekend indicated that it will ban initial coin offerings, triggering a big selloff in digital currencies.

The sustained weakness in the U.S. dollar DXY, -0.59% despite the dramatic debt ceiling deal, is also attracting interest in bitcoin, according to, a cryptocurrency website.

President Donald Trump and congressional leaders on Wednesday unexpectedly reached an agreement to extend the debt limit and fund the government to Dec. 15.

However, a technical analysis by suggests that bitcoin’s rally could fizzle as the Money Flow Index, an indicator for buying and selling pressure based on price and volume, is pointing lower.

Separately, a U.K. real-estate developer is reportedly offering new apartments in Dubai for between 30 to 50 bitcoins or roughly $139,620 to $232,700 at the current exchange rate.