Bitcoin Price Hits 8-Month High Close to $7K

View Bitcoin printed an eight-month high of $6,964 earlier today.

Further strengthening the long-term bullish bias is a bull cross of the 100- and 200-day moving averages - the first since July 2015.

A sustained move toward the next resistance at $7,411 could be preceded by a price pullback, as the 14-day relative strength index is currently reporting overbought conditions.

Prices have set a new multi-month high for the fourth straight day and have rallied in excess of over 70 percent in the last 5.5-weeks.

Notably, with the sharp rally, the 100-day MA of bitcoin's price has moved above the 200-day MA. That is the first bullish crossover between the two averages since July 2015.

The moving average studies are lagging indicators and have limited predictive abilities, as they take old price history into account.

The last bull cross of the 100- and 200-day MAs, confirmed on July 26, 2015, remained valid for 33 months, during which the price rallied 8,000 percent to a record high of $20,000.

The 30-day MA is trending north with the price creating bullish higher highs and higher lows.

It's worth noting that BTC suffered a temporary price pullback from $290 to $220 in the four weeks following the bull cross in July 2015 before picking a strong bid.

That said, with the long-term technicals biased bullish, the historically strong support of the 30-day MA, currently at $5,463, could again reverse deeper price pullbacks, if any.