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Bitcoin skyrocketed in the last minutes to touch its highest level since June 6 at $7435. As of writing, the BTC/USD pair was trading at $7355, adding 9.3% on the day.

Although there wasn’t a clear catalyst behind that sharp rally at first glance, it looks like a technical breakout is ramping up the volumes. Following the violation of the critical resistance area at $6800/$7000, the total market capitalization of Bitcoin jumped to $120 billion from $116 billion, suggesting a buildup of large positions.