- Bitcoin price is struggling to stay above the $7,160 and $7,120 support levels against the US Dollar.
- A successful close below $7,120 could accelerate decline below $7,000.
- There is a key connecting bearish trend line forming with resistance near $7,480 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could either accelerate decline below $7,000 or recover to $7,500.
Bitcoin price is showing a few bearish signs below $7,400 against the US Dollar. BTC must stay above $7,120 to avoid a nasty decline below $7,000.
Bitcoin Price Analysis
Yesterday, we saw a downside correction in bitcoin price from the $7,700 resistance area against the US Dollar. The price traded below the $7,400 and $7,300 support levels.
Moreover, the price struggled to stay above the $7,260 support and the 100 hourly simple moving average. It opened the doors for more losses and the price traded close to the $7,160 support.The next major resistance is near the $7,700 level, above which the price is likely to test the $8,000 resistance. On the other hand, the price could decline further below the $7,160 and $7,120 support levels.
If the bears gain traction below $7,120, there are high chances of a sharp decline below the $7,000 support area. In the mentioned case, the price is likely to revisit the $6,660 area.