The bitcoin price smashed through $3,700 as the cryptocurrency market assembled one of its largest intraday recoveries in recent memory.
Bitcoin had entered the US trading session on a minor incline and continued to inch upward throughout the morning. Shortly before 17:00 UTC, a wave of buy pressure hit the bitcoin markets, carrying the flagship cryptocurrency from $3,450 to $3,700 within a matter of minutes. The bitcoin price ultimately peaked at $3,711 before settling back down to a present value of $3,656.
Bitcoin has been wrestling with bearish technical factors throughout the first two months of 2019, coming uncomfortably close to critical support at $3,100 on multiple occasions.