Bitcoin is Close to Make-or-Break Levels
The price of the BTC/USD pair has returned to the major support zone at $7,200. The price is currently encountering several resistances close to $7,400 and $7,500.
On the previous day, the price rose strongly over the hurdle at $7,500. Further, the price surged over $7,600 and the 100 hourly SMA.
Notwithstanding, the buyers tried to obtain traction over $7,680 and $7,700. They attempted to break through the hurdle at $7,700, but the sellers could defend additional upsides.
Hence, the price declined under the support of $7,500 and the $7,400 pivot. It continued to the downside under a contracting triangle with support close to $7,500.
A view of BTC’s hourly chart against the USD shows that the price was on the downside by over $400 and continued under the support at $7,320. It moved near the support at $7,260, thereby forming a low close to $7,267.
The price surged past several major resistances close to $7,300 and $7,400 to begin a powerful move to the upside. The support at the $7,200 zone seems crucial, as well as the 100 hourly SMA.
A look at the upside shows that the first hurdle is close to $7,360. Nevertheless, the initial key hurdle is close to $7,480 and $7,500.
Hence, Bitcoin needs to move over the hurdles at $7,400 and $7,500 to retest the key $7,700 hurdle zone. The major levels on the downside include $7,260 and $7,200. The immediate key support is close to $7,120, and the ability of the price to move below it may lead to a sharp loss.