Is there substance behind bitcoin’s rally?

Like an oasis in the desert, bitcoin showed noticeable positive price movements today, in the midst of an overall bearish market. However, is there any logical reason for this positive action?
Bitcoin charts
1-day
Image Courtesy: Tradingview.com
Bitcoin’s daily candle chart showed today’s substantial move upward in price, which also included decent volume. It appears as though price may be in the middle of a typical Elliot Wave pattern, possibly heading to a fourth wave. (Wave f