BTC/USD On New Bearish RunFollowing the recent price actions, BTC/USD is now on a new bearish run toward a major support of $7,300. The trading volume spike indicates that a minor selloff occurred in the past couple hours. However, buyers succeeded in pushing the price back near the $7,350 level, which may result in a reversal toward a major resistance point of $7,550. A short-term bullish reversal will be confirmed if Bitcoin breaks past the descending (bearish) 10-day moving average hurdle. On the upside, buyers must push the price above the resistance level for more near-term gains. A movement past $7,600 could take BTC/USD further up toward $8,000 later this week. On the downside, a break below $7,330 may push BTC/USD toward the other direction to the $7,200 level.
Source: TradingviewLooking at the technicals chart, BTC/USD is currently on a bearish run as indicated by the MACD line crossover. On the other hand, the RSI indicator shows that Bitcoin is in oversold territory.
Looking at the Technical Indicators:
Hourly MACD — Bearish signal
Hourly RSI — Bitcoin is in a bearish zone
Major Resistance Level — $7,550
Major Support Level — $7,300