Bitcoin Rebound Emerges Following Test of 50-Day SMA

BTC/USD appears to be breaking out of the range-bound price action carried over from last week following the failed attempts to close below the 50-Day SMA ($28923).

BTC/USD Outlook

BTC/USD seems to be defending the monthly low ($28598) as it trades back above the $29140 (38.2% Fibonacci extension) region, and Bitcoin may track the positive slope in the moving average if it pushes above the opening range for August.

A break above the August high ($30024) may push Bitcoin towards $30490 (50% Fibonacci extension), with the next area of interest coming in around $31840 (61.8% Fibonacci extension), which largely lines up with the July high ($31826).

However, failure to defend the monthly low ($28598) may push BTC/USD towards trendline support, with a break/close below the $27470 (23.6% Fibonacci extension) to $28220 (23.6% Fibonacci retracement) region opening up the $25990 (38.2% Fibonacci retracement) area.