This morning's rise in Bitcoin was technical. Bitcoin has been consolidating for a week, wearing down market patience. This morning, it broke through the weekly resistance line, triggering some short stop-losses and algorithmic trading, which pushed Bitcoin up. This week-long consolidation has a support line at 83,000 and a slightly downward-sloping resistance line above. From a technical perspective, today's upward breakthrough of the resistance line indicates that the support line below, being short-term (formed within a week), is likely to be broken as well; it's just a matter of time.

This week-long consolidation has a support line at 83,000 and a slightly downward-sloping resistance line above. From a technical perspective, today's upward breakthrough of the resistance line indicates that the support line below, being short-term (formed within a week), is likely to be broken as well; it's just a matter of time.

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