Bitcoin Price Watch: BTC/USD Facing Crucial Resistance Near $7,325

Key Points

  • Bitcoin price stayed above the $7,200 support and made another upside attempt against the US Dollar.
  • There is a short-term bullish trend line in place with support at $7,240 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is facing a solid resistance near the $7,325 and $7,330 levels.

Bitcoin price is trading in a range above $7,200 against the US Dollar. BTC/USD must clear the $7,325 resistance for more gains in the near term.

Bitcoin Price Analysis

Yesterday, we discussed that bitcoin price could correct lower from $7,300 against the US Dollar. The BTC/USD pair did correct lower and moved towards the $7,200 support. However, sellers failed to push the price further lower towards the $7,130 support area. A swing low was formed at $7,186 later the price traded above the $7,300 level. The price made a few attempts to clear the $7,325 level recently, but buyers failed to gain traction.

There was a downside reaction and the price moved below the $7,250 level. There was also a break below the 50% Fib retracement level of the recent wave from the $7,186 low to $7,324 high. However, declines were once again protected by the $7,200 support area. Moreover, the 76.4% Fib retracement level of the recent wave from the $7,186 low to $7,324 high acted as a support. At the outset, there is a short-term bullish trend line in place with support at $7,240 on the hourly chart of the BTC/USD pair. The pair is holding the trend line and it seems like it could make another attempt to clear $7,325.

Looking at the chart, bitcoin is clearly struggling to break the $7,325 resistance. Therefore, it will either break $7,325 for more gains or decline below $7,200 to test the $7,130 support.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is slightly in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI is currently above the 50 level.

Major Support Level – $7,200

Major Resistance Level – $7,325

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