BTC/USD Testing ResistanceBitcoin price is currently forming a bullish trend line that’s looking to test a major resistance level at $7,500. A break above that seems likely, given the steady gains experienced over the past few hours. In that case, the next critical level would be $7,800. This is regarded as a key barrier for BTC/USD to return above $8,000. On the other hand, a struggle to break the resistance level could result in a minor downside reaction to test a major support level at $7,350. A break below that price may send BTC/USD down further to a retracement level of $7,200.
Source: TradingviewIn the chart above, the MACD is showing a neutral signal, while the RSI indicator puts Bitcoin on the oversold side. Hence, an upward run for BTC/USD is a more likely case in the short term.
Looking at the Technical Indicators:
Hourly MACD — Neutral signal
Hourly RSI — Bitcoin is in a bullish zone
Major Resistance Level — $7,500
Major Support Level — $7,350