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Bitcoin jumps above $8,000, bringing gains this week to more than 18 percent

  • Bitcoin traded near $8,085 as of 4:07 p.m. ET Friday, up 18.2 percent for the week, according to Coinbase.
  • The cryptocurrency hit $8,204 earlier in the day, its highest since late March.
  • 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.
Bitcoin
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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."

Other cryptocurrencies also jumped Friday. Ethereum traded about 4 percent higher, near $512, while ripple rose roughly 7 percent to 67 cents, according to CoinMarketCap.