BTC/USD Falls Toward 50-Day SMA as Range Snaps

BTC/USD trades to a fresh monthly low ($28861) as it fails to retain the range bound price action from last week.

BTC/USD Outlook

BTC/USD falls towards the 50-Day SMA ($28422) after registering a fresh yearly high ($31826) earlier this month, with a move below the moving average opening up the $27470 (23.6% Fibonacci extension) to $28220 (23.6% Fibonacci retracement) region, which largely lines up with trendline support.

Failure to retain the upward trend may push BTC/USD towards $25990 (38.2% Fibonacci retracement), but the recent weakness in Bitcoin may end up being short-lived if it holds above the moving average and defends the upward trend.

Failure to close below $29140 (38.2% Fibonacci extension) may push BTC/USD back towards $30490 (50% Fibonacci extension), with the next area of interest coming in around $31840 (61.8% Fibonacci extension).