Bitcoin Breaks Above Key Resistance Levels, Buyers Take Control
The price of Bitcoin has surged back above $80,000 after breaking through key resistance levels. The current price is trading just below $81,000, up 6% on the day.
Technically, this upside move got its start when the lows on Tuesday and Wednesday broke below a key floor area between $75,668 and $76,229. However, the price couldn't extend below its 38.2% retracement of the move up from the August 14 low, which came in at $74,713.
When today's price broke back above two key moving averages - the 100-hour moving average (currently at $76,924) and the 200-hour moving average (currently at $77,104) - it was a clear sign of a shift in momentum. Buyers overwhelmed sellers, and the initial push stalled near $78,400 but accelerated over the last few hours.
The next target on the upside is a swing high zone from late August into September, between $81,517 and the high of $82,281 reached at the start of September. A break above that would put $84,000 into focus as the next key target.