BTC/USD Threatens Upward Trend
BTC/USD threatens the upward trend from last year as it gives back the rebound from the monthly low ($41378).
BTC/USD Outlook
BTC/USD struggles to trade back above trendline support even though it snaps the recent series of lower highs and lows, and failure to defend the monthly low ($41378) may push Bitcoin towards $40310 (100% Fibonacci extension).
Next area of interest comes in around $38520 (161.8% Fibonacci extension), but BTC/USD may try to track the positive slope in the 50-Day SMA ($40882) if it continues to hold above the moving average.
Lack of momentum to close below $42240 (50% Fibonacci retracement) may keep BTC/USD within the monthly range, with a move above $44130 (38.2% Fibonacci retracement) bringing the April 2022 high ($47447) back on the radar.
BTC/USD Outlook
BTC/USD struggles to trade back above trendline support even though it snaps the recent series of lower highs and lows, and failure to defend the monthly low ($41378) may push Bitcoin towards $40310 (100% Fibonacci extension).
Next area of interest comes in around $38520 (161.8% Fibonacci extension), but BTC/USD may try to track the positive slope in the 50-Day SMA ($40882) if it continues to hold above the moving average.
Lack of momentum to close below $42240 (50% Fibonacci retracement) may keep BTC/USD within the monthly range, with a move above $44130 (38.2% Fibonacci retracement) bringing the April 2022 high ($47447) back on the radar.
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