Bitcoin Breaks Above Hourly MAs: Can Buyers Keep Control?

Bitcoin's price has broken above its hourly moving averages, marking a positive development for buyers. The cryptocurrency found support near $82,923, just above a key swing area between $81,517 and $82,833. This break helped propel the price towards highs near $87,334, reached on Monday and Wednesday of last week.

However, momentum stalled at that level, and the price rotated back to the downside, returning to the upper end of the earlier swing area. The buyers' shot at extending higher was cut short as sellers could not sustain a deeper move lower. On Monday, the low reached approximately $82,500, taking the price back inside that area.

Despite this setback, the subsequent corrective rally stalled against the 200-hour moving average, keeping a lid on the upside until today's renewed push. Today, buyers stepped in near $82,923 and took the price higher with enough momentum to clear both hourly moving averages.

The moving averages now define the risk for buyers looking for more upside. If the price falls below both moving averages and stays below, disappointment would increase, putting the focus on the $82,833 swing level, followed by Monday's low near $82,500 and the lower boundary of the swing area at $81,517.