The performance of Bitcoin against the USD is under certain major hurdles like $7.4k. However, it seems there is a formation of a buying continuation pattern if it holds $6.95k.

In the previous day, it started a modest reversal to the upside from the $6.535k low. It was able to surge over the hurdles at $6.8k and $7.0k. Likewise, it attained a level over the $7.2k hurdle zone and the 100 hourly SMA. However, it was not easy to move over the hurdles at $7.375k and $7.4k.

There was the formation of a high close to $7.372k and went under the $7.2k level and the 100 hourly SMA. A look at the downside shows some major supports close to $7.025k, $7.0k and $6.95k.

The occurrence of a break and close under $6.95k could make the price to return to the downside. The immediate supports are close to $6.66k and $6.54k. A look at the upside reveals the first hurdle close to $7.15k and the 100 hourly SMA.

A critical observation from the hourly chart of BTC against the USD is the possible formation of a buying flag with resistance close to $7.17k. Hence, a surge of over $7.2k may form the basis for additional gains and recovery.

The key hurdle zone is close to $7.375k as well as $7.4k. There is a likelihood of a powerful recovery following a successful close and subsequent surge of over $7.4k.

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