The price of bitcoin on the CoinDesk USD Bitcoin Price Index (BPI) rose to $247.57 today, its highest total since 18th August.

The day's price movement began at roughly 12:20 UTC, but accelerated at 14:00 UTC when the price jumped from $243.01 to $246.15 over a 15-minute span.

The daily high was reached at 15:30 before prices began to edge downward. The price at press time, according to the BPI, is $245.96.

In total, the price move to $247.15 represented a 2.9% increase from $240.56 at the day's opening, and marked the highest total observed on the CoinDesk USD BPI since 18th August, when bitcoin traded at a high of $257.12.

The increases, while tame for the notoriously volatile bitcoin markets, prompted some speculation that the asset may soon test higher levels of support. To date, bitcoin has traded in the $230 range through most of 2015.

Data from Challenger Deep shows volumes have been highest on Bitstamp and Bitfinex, where one-day USD trading volumes have been 20,317 BTC and 12,199 BTC, respectively.

BTC VIX, organizer of the bitcoin trading forum Whale Club, speculated that traders would now be looking to determine whether the market would continue to support a $245 bitcoin, suggesting that should support consolidate, the price could break toward $300.

The increase notably coincides with news that bitcoin exchange platform Gemini will open its order books to traders on Thursday.

Image via CoinDesk BPI