Yesterday, BTC saw a slight decline where the bears tried to push the price below the $6,800 support. However, they were unsuccessful and it resulted in a bullish reaction in the BTC price above the $6,950 and $7,000 resistance levels.

Additionally, the price traded above the $7,000 level and the 100 hourly simple moving average (SMA). There was a successful break above the 50% Fib retracement level of the recent decline from the $7,295 high to $6,760 low. Notably, there was a break above a key bearish trend line on the BTC/USD hourly chart, with resistance near $7,035. The price is now settled above the $7,100 level and is approaching the $7,200 resistance.

On the upside, it seems like the 76.4% Fib retracement level of the recent decline from the $7,295 high to $6,760 low is acting as a resistance. The main resistance is seen around the $7,280 region. If the price successfully breaks the $7,280 resistance, it could trigger a sharp upward move. An initial resistance is close to the $7,500 level, above which the price could likely test the $8,000 zone in the coming sessions.

On the downside, BTC could revisit the $7,030 and $7,000 support levels. Besides, the 100 hourly SMA is also close to the $7,030 level to act as a strong buy zone for the bulls. A break below $7,000 and the 100 hourly SMA could negate the current bullish view. In the above scenario, the price might revisit the $6,760 support level in the near term.

Technical Indicators:

The hourly MACD for the pair is slowly reducing its bullish zone. Its hourly RSI (Relative Strength Index) is currently correcting lower from the 70 level. Major support levels are $7,030 and $7,000, whereas major resistance levels are $7,200, $7,280 and $7,500.