Over the week, the BTC price mostly traded in a broad range above the $6,400 and $6,500 support levels. The price seems to be well bid above the $6,500 level, but it is facing many resistances on the upside. The first major resistance is close to the $7,240 level. It represents the 50% Fib retracement level of the key decline from the $10,561 high to $3,920 low. The bulls have been making attempts to break the $7,240 resistance, but they were unsuccessful.

Notably, there is a major bearish trend line forming, with resistance close to $7,580, on the BTC/USD pair daily chart. Above this line, the next major resistance level is near the $8,000 level and the 100-day simple moving average (SMA). The 61.8% Fib retracement level of the key decline from the $10,561 high to $3,920 low is also close to the $8,000 resistance area.

On the upside, BTC seems to be facing two major resistances near $7,500 and $8,000. Therefore, to begin any descent rally, the price needs to gain momentum above $7,500, with a follow up move above the $8,000 barrier. In the mentioned scenario, the price could surge towards the $9,500 and $10,000 levels in the coming days.

On the downside, if the BTC price fails to continue above the $7,500 resistance, it could start a fresh decline. An initial support is visible near the $6,400 level. If the price fails to stay above this level, it may perhaps retest the $6,000 support. Any further losses could trigger another massive decline towards the $5,000 support area in the near term.

Technical Indicators:

The daily MACD for the BTC/USD pair is struggling to gain momentum in the bullish zone. Its daily RSI (Relative Strength Index) is now just above the 50 level. Major support levels are $6,400 and $6,000, whereas major resistance levels are at $7,240, $7,500 and $8,000.