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.

Analysts had said that bitcoin would, at the very least, need to punch back through $3,500 if it hoped to avoid another major sell-off that would potentially take it as low as $2,270.

It remains to be seen whether this rally will hold or if it’s just another dead cat bounce, but following nearly 14 months of gut-wrenching declines, today’s spike should give the bulls something to cheer about.

Featured Image from Shutterstock. Price Charts from TradingView.