BTC/USD Defends March Low for Now

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BTC/USD trades below the 50-Day SMA ($62719) as it slips to a fresh monthly low ($59677), and failure to defend the March low ($59675) may lead to a further decline in the price of Bitcoin amid the lack of response to the positive slope in the moving average.

BTC/USD Outlook

BTC/USD approaches the December 2021 high ($59102) as it carves a series of lower highs and lows, with a break/close below $57590 (78.6% Fibonacci extension) opening up the $53510 (61.8% Fibonacci extension) to $55130 (38.2% Fibonacci retracement) region.

Next area of interest comes in around $49360 (50% Fibonacci retracement) to $50650 (50% Fibonacci extension), but the recent weakness in BTC/USD may turn out to be temporary if BTC/USD defends the March low ($59675).

Need a close above the $62220 (23.6% Fibonacci retracement) to $62780 (100% Fibonacci extension) to bring the monthly high ($72727) back on the radar, with the next region of interest coming in around the March high ($73791).

--- Written by David Song, Strategist at FOREX.com