Bitcoin continues the run higher and looks toward swing area and retracement target
The price of Bitcoin is up $2,300, or 3.0%, at $79,765, with the high for the day reaching $79,989 — just short of the natural resistance at the $80,000 level. Since bottoming at $57,735 at the end of June, Bitcoin has now rallied more than 36%.
Technically, the move higher follows an extended period of consolidation. From July 4 through August 18, Bitcoin traded above and below its 100- and 200-bar moving average on the 4-hour chart (blue and green lines on hte chart above) as buyers and sellers battled for control. Since then, however, the buyers have taken a firmer grip.
The move higher has taken the price above both its 100-day moving average, currently at $66,113, and its 200-day moving average at $69,092. Those breaks helped shift the technical bias more firmly to the upside and opened the door for the latest run toward $80,000.
The price is now approaching the lower end of an important swing area dating back to November 2025 at $80,560. A break above that level would have traders targeting:
- $82,833: A prior swing high
- $83,916: The 38.2% retracement of the decline from the all-time high
That 38.2% retracement is particularly important. If buyers are going to take back more control from the longer-term bearish trend, getting above the 38.2% retracement is a minimum requirement. A sustained break above $83,918 would strengthen the bullish technical picture and give buyers greater confidence that the recovery has more room to run.
Absent a move above that level, however, the rally can still be viewed as a plain-vanilla correction within the broader trend move lower.
Fundamentally, Bitcoin has also benefited from an increasingly supportive backdrop. A much friendlier U.S. government and regulatory environment toward cryptocurrencies, including the creation of a U.S. Strategic Bitcoin Reserve, has helped further legitimize Bitcoin as a strategic asset. Moves toward clearer crypto regulation have also reduced some of the uncertainty that previously limited institutional participation.
Institutional demand has strengthened as well, highlighted by renewed inflows into spot Bitcoin ETFs. Meanwhile, lower Treasury yields and concerns surrounding government debt and potential currency debasement have increased demand for scarce alternative assets, benefiting both Bitcoin and gold.
Add in Bitcoin's fixed supply, growing institutional acceptance and some short covering as the price has accelerated higher, and the fundamental backdrop has provided an additional tailwind for the rally.
For traders, $80,560, $82,833 and especially $83,918 are now the key upside hurdles. Getting above the 38.2% retracement at $83,918 would be an important technical step toward giving the buyers more control.
This article was written by Greg Michalowski at investinglive.com.提供 MainLink：Investinglive RSS Breaking News Feed
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