BTC Price Continues on A Descent
The price of BTC/USD is revealing signs of a renewed upward move. Nevertheless, the price needs to maintain over $7150 to prepare a new movement towards the hurdles at $7500. The price formed a recent weekly high close to $7150, before the retracement to the downside. The price then dropped under the supports at $7400 and $7300.
Additionally, the price established a low close to $7300, and the 100 hourly SMA. Eventually, the price fell below the support at $7200 but did not reach the support zone under $7150. The price formed a low close to $7179, and it is now consolidating its losses over the $7200 level. The next level is close to $7240.
Analyzing the BTC/USD Hourly Chart
The BTC/USD hourly chart reveals the data of selling a trend line with a hurdle close to $7240. Notwithstanding, the initial key resistance is close to $ 7300 and the 100 hourly SMA. If the price inclines over the $7300 hurdle, it could move towards the $ 7400 hurdle.
The BTC price ability to surge over the hurdle at $7400 could position it for a massive surge towards the limitations at $7500 and $7600. The further rise could lead to $ 8000. On the other hand, the price could struggle to move upwards, over the hurdle at $7300 and the 100 hourly simple moving average. If it happens, the price is at risk of a bearish breakdown under the supports at $7200 and $7150.