BTC/USD Consolidates Above Trendline Support

BTC/USD consolidates after registering a fresh yearly high ($44739) earlier this month, but Bitcoin may stage further attempts to test the April 2022 high ($47447) should it hold above trendline support.

BTC/USD Outlook

BTC/USD may negate the upward trend carried over from last month if it struggles to hold above $40310 (100% Fibonacci extension), with a breach below the monthly low ($37624) raising the scope for a move towards the $35920 (38.2% Fibonacci retracement) to $36980 (78.6% Fibonacci extension) region.

Nevertheless, BTC/USD may attempt to break out of the range-bound price action should it continue to hold above trendline support. Failure to push below $40310 (100% Fibonacci extension) may send BTC/USD back above $42240 (50% Fibonacci retracement), with a break/close above $44130 (38.2% Fibonacci retracement) bringing the monthly high ($44739) on the radar.