Bitcoin price is following a rising channel with support near $7,660. BTC/USD must surpass the $7,775 and $7,800 resistance levels to continue higher in the near future.
In the past three sessions, the bitcoin price mostly traded in a range below the $7,771 swing high. It seems like BTC/USD is still struggling to clear the $7,775 and $7,800 resistance levels.
Looking at the 1-hour chart, the price corrected lower recently and traded below the $7,700 level. It even broke the 25 SMA (1-hour, orange) before the bulls appeared near the $7,650 support area.
A low is formed near $7,655 and the price is currently rising. It broke the 23.6% Fib retracement level of the recent decline from the $7,777 high to the $7,655 low.
More importantly, the bitcoin price is trading inside an ascending channel with support near $7,660 on the hourly chart. If the price fails to stay above the channel support and $7,650, there’s a risk of downside extension.
The next support is near the $7,600 level, below which the bears are likely to aim a test of the main $7,420 support zone in the near-term.
Conversely, Bitcoin might continue to rise above $7,700. Immediate resistance is near the $7,715 level or the 50% Fib retracement level of the recent decline from the $7,777 high to the $7,655 low.
If there is an upside break above $7,715 and $7,735, the bulls are likely to attempt a crucial break above the $7,775 and $7,800 resistance levels. If they succeed, the bitcoin price is likely to continue higher towards the $8,000 resistance zone in the coming sessions.