BTC/USD Recovery Stalls Ahead of 50-Day SMA

BTC/USD reversed ahead of the June low ($24763) to register a fresh monthly high ($27491) during the previous week, but Bitcoin may track the negative slope in the 50-Day SMA ($27674) as the recovery from the monthly low ($24922) stalls ahead of the moving average.

BTC/USD Outlook

BTC/USD struggles to hold its ground after failing to push back above the $27470 (23.6% Fibonacci extension) to $28220 (23.6% Fibonacci retracement) region, with a break/close below $25990 (38.2% Fibonacci retracement) bringing the June low ($24763) back on the radar.

Next area of interest comes in around $24190 (50% Fibonacci retracement), but BTC/USD may trade within a defined range if it continues to defend the June low ($24763).