Bitcoin Surges Back Above $80,000The price of bitcoin is surging and back above the $80,000 level. Today's low came in at $76,236, and the high has since extended to $81,113. The current price is trading just below $81,000, up 6% on the day.How the move got startedTechnically, this upside move got its start after the lows on Tuesday and Wednesday broke below a key floor area between $75,668 and $76,229. In technical analysis, a "floor" or support area is a price zone where buying has previously stepped in — so a break below it usually signals more downside is coming. That's exactly what happened at first.But the price couldn't extend below its 38.2% retracement of the move up from the August 14 low. (A retracement measures how far a price pulls back against its prior trend, using key Fibonacci ratios like 38.2%, 50%, and 61.8% as reference points — traders watch these levels because price often stalls or reverses there.) That retracement level came in at $74,713, and the low for the week was $74,913 — just $200 away from that target. The inability to break below it gave buyers the green light.Buyers take controlThe turning point came when today's price broke back above two key moving averages: the 100-hour moving average (blue line), currently at $76,924, and the 200-hour moving average (green line), currently at $77,104. Moving averages smooth out short-term noise to show the underlying trend, and when price reclaims them — especially both at once — it's often read as a shift in momentum. That's what happened here: buyers overwhelmed sellers.The initial push stalled near $78,400 and based around $78,000, but the acceleration intensified over the last few hours, sending price through another swing high ceiling near $79,800. (A "swing high" is a local peak where price previously reversed lower — once broken, it often flips from resistance into support.) That $79,800 area is now close support for traders. Stay above it, and buyers remain in firm control.What's next on the upsideThe next target on the topside 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.Bottom lineWith this sharp move up, buyers are clearly back in control. That said, they still need to clear that swing area to break bitcoin out of the trading range that's confined it since August 21. Momentum suggests strong buying interest — the real question now is whether they can keep it going. This article was written by Greg Michalowski at investinglive.com.