Recently, there was a sharp decline in BTC price below the $7,100 and $7,000 support levels against the USD. The price dropped sharply towards the $6,880 support and traded to a new 2020 low at $6,863.

However, the bulls intervene quickly, resulting in a sharp upward move above the $7,000 resistance. Notably, there was a break above a key bearish trend line with resistance close to$7,120 on the BTC price hourly chart.

The price spiked above the 50% Fib retracement level of the downtrend from the $7,530 high to $6,863 low. Though, the upward move was halted at the $7,260 resistance area.

In addition, the price is struggling near the 61.8% Fib retracement level of the downward move from the $7,530 high to $6,863 low. The BTC price is currently correcting lower below $7,200.

On the downside, an initial support is close to the $7,120 level and the broken trend line. The next major support is close to the $7,080 level, below which the price is likely to revisit its downtrend.

On the other hand, the price might continue to rise above the $7,260 resistance. The next major resistance is close to the $7,400 level. An intermediate resistance is at the 76.4% Fib retracement level of the downtrend from the $7,530 high to $6,863 low.

Should the price continue to rise above $7,380 and $7,400, the next stop for the bulls may possibly be $7,460 and $7,500. Any further gains could result in the price surging towards the $7,500 resistance area in the coming sessions.

A close look at the BTC price chart reveals a reversal of losses above $7,100 and the 100 hourly Simple Movement Average. Another surge above $7,260, will most likely confirm a trend change and a fresh increase towards $7,500.

Technical indicators suggest that the hourly MACD of the BTC price chart is currently gaining strength in the bullish zone. The coin’s hourly RSI (Relative Strength Index) is now well above the 50 level. Major Support Levels are at $7,120 and $7,080, whereas major Resistance Levels are also at $7,260, $7,380 and $7,460.



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