Bitcoin Briefly Tops $7K as Traders Say Worst of 2020 Sell-off May Have Passed

Bitcoin (BTC) rose Thursday for the fourth straight session and briefly climbed above $7,000 for the first time in two weeks.

The bellwether cryptocurrency was up 2.5 percent to $6,821 as of 19:22 UTC (3:22 p.m. in New York.) Earlier, the price rallied as high as $7,236 before pulling back.

The four-day increase has helped bitcoin claw back some of its losses during the first three months of the year, when the spreading coronavirus and increasingly dire economic prospects sparked a flight for cash among investors in both traditional and digital-asset markets.

Joe DiPasquale, CEO of BitBull Capital, a San Francisco-based hedge fund specializing in cryptocurrencies, said he saw no clear driver of Thursday’s move. Market signals show a growing conviction among bitcoin traders that prices won’t fall below $6,000 in the short term, but rallies above $7,000 appear to be drawing in sellers, he said.

“You have so many people trying to swing trade on crypto,” DiPasquale said in a phone…