This morning, Bitcoin (available on Coinbase) erased yesterday’s gains and fell below the $7,500 price level. It’s currently trading in a range from $7,330 to $7,350.

At the moment, Bitcoin (available on Coinbase) is on another bearish run, testing a support of $7,300. However, the cryptocurrency is showing positive signs against the 100-day moving average, facing a barrier of $7,500 to $7,600.

BTC/USD On New Bearish Run

Following 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 (available on Coinbase) 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: Tradingview

Looking 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 (available on Coinbase) is in oversold territory.

Looking at the Technical Indicators:

Hourly MACD — Bearish signal

Hourly RSI — Bitcoin (available on Coinbase) is in a bearish zone

Major Resistance Level — $7,550

Major Support Level — $7,300

Featured Image: Depositphotos/© EdZbarzhyvetsky

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