Bitcoin Technicals: Key Support Area Continues to Hold

Bitcoin continues to trade in a modest range between $82,760 and $84,459. Despite several attempts by sellers to push the price below its key technical support area, buyers have continued to defend it near $81,517-$82,833.

The swing area, which was previously resistance, has become a crucial level for Bitcoin's technical story. Breaking above this area on September 21 and extending to $87,334 set the stage for further upside momentum.

However, sellers have had several chances to push the price back through the old resistance area, and their failure to do so has kept the bullish bias intact. The rising 100-hour moving average at $81,442 adds to the importance of this support level.

A move below $81,517 that stays below would weaken the bullish bias, while a break above last week's highs near $87,272-$87,334 would open the door toward $90,500. The 50% retracement target at $92,003 remains an important upside target for Bitcoin.