Bitcoin reclaims $80K as buyers seize control from sellers

Bitcoin has jumped back above the $80,000 mark. The session's trough was $76,236, but the peak has since stretched to $81,113. The asset is currently changing hands just under $81,000, marking a 6% gain on the day.

How the move got started

From a technical standpoint, this rally kicked off after Tuesday and Wednesday's dips pierced a key support band spanning $75,668 to $76,229. In chart analysis, a support zone is a price level where demand has historically emerged—so a break below it typically hints at further losses ahead. That was the initial outcome.

However, the decline failed to push through the 38.2% retracement of the uptrend that began on August 14. This retracement, calculated using Fibonacci ratios like 38.2%, 50%, and 61.8%, marks where a pullback might find resistance or support, and traders monitor it closely since prices often stall or reverse at such levels. The level sat at $74,713, and the week's low was $74,913—a mere $200 shy of that mark. The failure to breach it emboldened buyers.

Buyers take control

The inflection arrived when the price climbed back above two key moving averages: the 100-hour MA (blue), now at $76,924, and the 200-hour MA (green), at $77,104. These averages filter out short-term fluctuations to highlight the underlying trend, and a reclaim of both—especially simultaneously—is frequently seen as a momentum shift. That is precisely what occurred: buyers overwhelmed sellers.

The first push faltered near $78,400, consolidating around $78,000, but the uptick gained steam in recent hours, driving the price past another swing high ceiling around $79,800. A swing high is a local peak where price had previously reversed lower; once broken, it often becomes support. That $79,800 level now serves as nearby support. As long as it holds, buyers keep the upper hand.

What's next on the upside

The next resistance is a swing high zone from late August into September, ranging from $81,517 to the September's opening high of $82,281. A breakout above that could bring $84,000 into play as the following key target.

Bottom line

Following this sharp rally, buyers have clearly regained dominance. Still, they must clear that swing zone to escape the trading range that has confined bitcoin since August 21. Momentum indicates solid buying interest—the key is whether it can persist.