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Apr 20, 2018

Bitcoin positioned for 2018's first back-to-back week of gains

FILE PHOTO - Representation of the Bitcoin virtual currency standing on the PC motherboard is seen in this illustration picture

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Bitcoin bulls are celebrating the virtues of the biggest cryptocurrency again.

The digital coin gained as much as 4 per cent Friday, putting it on pace for its first back-to-back week of gains this year. The mini-rally is helping to ease the pain from the more than 50 per cent loss in the first quarter that followed last year’s 1,400 per cent surge.

As it is often with bitcoin, traders are citing multiple reasons for the recovery.

One of the most frequent heard this week is the end of tax selling season in the U.S., meaning investors are done selling crypto to pay off outstanding balances. Others point to a squeeze against a record short position on Bitcoin. Gains may also be result of larger investors entering the market.

“Tax selling is over, larger hedge funds have entered the market with deep pockets and strong hands, all positive signs,” said John Spallanzani, a portfolio manager at Miller Value Partners, who is optimistic about the digital currency’s outlook, calling for still higher prices.

--With assistance from Joe Weisenthal

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