Bitcoin climbed once more Friday, reaching its highest since late March.
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The cryptocurrency briefly rose greater than 6.5 p.c during the last 24 hours to a excessive of $eight,204, its highest in additional than two weeks, in keeping with Coinbase.
Bitcoin traded close to $eight,085 as of four:07 p.m. ET Friday, up 18.2 p.c for the week.
The beneficial properties adopted a sudden spike Thursday from a low of $6,786 to above $eight,000. The transfer compelled merchants who had guess towards bitcoin to purchase again into the market, or cowl their shorts.
“The multi-month downtrend stays in place, however respecting the 2018 low level was a crucial first step within the restore course of,” mentioned Frank Cappelleri, government director, institutional equities at Nomura Instinet. “This potential greater low may very well be a constructing block to the event of bigger bullish sample.”