Bitcoin climbed again Friday, reaching its highest since late March.
The cryptocurrency briefly rose more than 6.5 percent over the last 24 hours to a high of $8,204, its highest in more than two weeks, according to Coinbase.
Bitcoin traded near $8,085 as of 4:07 p.m. ET Friday, up 18.2 percent for the week.
The gains followed a sudden spike Thursday from a low of $6,786 to above $8,000. The move forced traders who had bet against bitcoin to buy back into the market, or cover their shorts.
“The multi-month downtrend remains in place, but respecting the 2018 low point was a necessary first step in the repair process,” said Frank Cappelleri, executive director, institutional equities at Nomura Instinet. “This potential higher low could be a building block to the development of larger bullish pattern.”