Above $7K: Bitcoin Price Pushes Higher In Break Past Resistance

At press time, bitcoin is trading at an average price of $7,064 across exchanges, according to the CoinDesk Bitcoin Price Index, having peaked at just above $7,070 today so far.

After closing a 4-hour session above the elusive resistance zone of $6,700-$6,850, the bulls continued to ultimately pass the peak of the prior rally seen on Aug. 22.

What's more, the price was able to close above the 200-period exponential moving average - a feat not accomplished since Aug 4.

Finding acceptance above all of the short-term EMAs signals the path of least resistance is to the upside, at least in the short-term.

A short-term pullback to prior resistance would be considered healthy, as price often falls back to prior resistance in order to prove it can hold as support.

For one, bitcoin is defending its first higher low on the daily timeframe since April - a strong bullish indication since the bulls were able to defend avoid setting a new low for the year.

The strongest resistance on the daily timeframe lies near $7,800 - the location of the 200-day EMA and descending trendline resistance.

View The short-term trend is becoming bullish, setting the stage for a move to the prior resistance zone of $7,400.

Longer term, bitcoin setting a higher low is a bullish sign that could fuel a move towards the 200 day EMA at $7,800.

Finding acceptance below prior resistance at $6,550 would negate the short-term bullish view.