On Monday morning, Bitcoin erased its gains over the past weekend, dropping from a weekly high of $7,740 back down to the $7,500 level. However, Bitcoin price has been slowly creeping up, and another run toward $8,000 is possible as the week progresses.
BTC/USD Crosses $7,500, Holds New Support
Currently, Bitcoin price is on a minor bearish run that’s looking to test a support at $7,450. BTC/USD has just crossed the $7,500 mark, which was seen as a critical resistance level for the past week. The current downward movement may be a correction that stabilizes BTC/USD around the $7,500 price level.
On the downside, a drop below $7,500 could continue until it reaches a Fib retracement level of $7,350. A bullish trend line may form later in the day near the $7,450 support. On the upside, a bullish run could take BTC/USD back toward a resistance level of $7,650. However, the low trading volume is a cause for concern for Bitcoin bulls.
Taking a look at the technicals chart, the MACD is showing a minor bearish signal, which confirms the present bearish trend line. The RSI indicator is sending a neutral signal, as Bitcoin is in neither overbought or oversold territory.
Looking at the Technical Indicators:
Hourly MACD — Bearish signal
Hourly RSI — Neutral signal
Major Resistance Level — $7,650
Major Support Level — $7,450
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