After forming a year-low during the historic March crash, the BTC price started a steady increase above the $6,500 and $7,500 resistance levels. Moreover, the price settled above the $7,500 support area to move into a bullish zone.

During the rise, BTC surpassed the 50% Fib retracement level of the major decline from the $10,497 high to $3,930 low. Currently, the price is well bid above $7,500, but the bulls are clearly facing a major resistance near the $8,000 level. Notably, there is a connecting resistance trend line forming on the BTC/USD daily chart at $8,000.

On the upside, the 100-day simple moving average (SMA) is near the $8,000 level to serve as resistance to the bulls. The 61.8% Fib retracement level of the major decline from the $10,497 high to $3,930 low is also near the $7,980 level to serve as resistance.

The next key resistance is near the $8,280 level, above which BTC will likely test the $9,000 and $9,200 levels in the medium term. Therefore, a clear break above the $8,000 level and the 100-day SMA could pave way for a pre-halving rally in the coming days.

If BTC fails to surpass the $8,000 resistance and the 100-day SMA, there might be a bearish reaction. On the downside, an initial support is near the $7,500 level. The main support is close to the $7,200 level and a key bullish trend line forming on the chart, with support at $7,200. A clear break below the $7,200 level could open the doors for a fresh bearish wave. In the mentioned scenario, the price could decline towards the $6,000 level.

Technical Indicators:

The daily MACD for the pair is currently gaining momentum in the bullish zone. Its daily RSI (Relative Strength Index) is now well above the 55 level. Major support levels are $7,500 and $7,200, whereas major resistance levels are $8,000, $8,280 and $9,000.