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Bitcoin, the leading cryptocurrency, managed to reclaim the $70,000 level earlier today.
The crypto king reached an intraday high of $70,294 on the Bitstamp exchange at 14:51 UTC.
According to data provided by pseudonymous crypto trader Byzantine General, the sudden price spike came after the U.S. stock market opened earlier today. At press time, US stocks are trading higher, with the tech-heavy Nasdaq index adding 1.3%.
However, the rapid price increase was driven by Coinbase, the largest U.S. cryptocurrency exchange. Instead, it seems like global crypto trading giant Binance was responsible for the latest move.
Notably, there is a widening divergence between the spot price and the price due to Binance’s impact.
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The leading cryptocurrency by market capitalization came awfully close to reaching a new record high on Oct. 29. It peaked at $73,600 on the Bitstamp exchange before giving up some gains.
On Nov. 4, the leading cryptocurrency plunged to as low as $66,798. However, the bulls now appear to be back in the driver’s seat.
Caleb Franzen, the founder of Cubic Analytics, believes that just one rebound is not enough for the bulls.
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“One rebound isn’t enough… we need to see a sustained reacceleration to the upside and to take out the short-term highs in order to confirm that the setup worked,” the trading analyst said.
Cryptocurrency analyst Matthew Hyland has noted that the next higher high on Bitcoin’s one-day chart would have to be an all-time high.
Bitcoin is roughly 5% from reclaiming its current record high.