I am still not convined that PayPal's announcement was the cause of this rally.

The news should have had a positive effect, sure; but the rally started suddenly, rose steadily for less than one hour, then stopped suddenly, oscillated a bit and then stagnated at the current level.  Those news must have taken a lot more than one hour to reach all traders and be assimilated by them; therefore I would have expected a slower rise over several hours.

Ditto for the theory that the rally was caused by people taking profit on the AliBaba IPO and investing it in bitcoin.  That "Back to BTC" migration (if real) should have spread out over several days.

Coin buying by GABI (or some other single rich investor) would be a better fit to the chart, IMHO.