This morning's rise in Bitcoin is technical. Bitcoin has been consolidating for a week, wearing down market patience, and this morning it broke through a week-long resistance line, triggering some short stop-losses and algorithmic trading, driving the price of 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 break of the resistance line indicates that, technically speaking, the support line below, being short-term (formed within a week), is normally subject to break as well; it's just a matter of time.