Bitcoin price is consolidating above the $7,215 and $7,095 support levels. BTC/USD seems to be preparing for the next move either above $7,420 or towards $6,680.
In the past three sessions, there were mostly broad range moves below the $7,420 resistance. The Bitcoin price made a couple of attempts to gain strength above $7,420, but it failed.
Looking at the 1-hour chart, the price traded as high as $7,416 before it started a downside correction. There was a break below the $7,300 level and the 25 simple moving average (1-hour, orange).
The market data is provided by TradingView, Bitfinex.
Besides, there was a spike below the 50% Fib retracement level of the upward move from the $7,088 low to the $7,416 high. However, the bulls were able to protect the $7,255 and $7,215 support levels.
The 61.8% Fib retracement level of the upward move from the $7,088 low to the $7,416 high also provided support. At the moment, the bitcoin price seems to be trading inside a broad contracting triangle with resistance near $7,380 on the same chart.
A successful break above the resistance and then a break above $7,420 is needed for a strong bullish continuation in the near-term.
The next key hurdle is near the $7,450 level, above which the bulls are likely to take control and the price may perhaps rally towards $7,800.
Conversely, Bitcoin might extend its decline below the $7,215 support area. The first major support is now forming near the $7,150 level. The main support is still near $7,095, below which there are chances of a strong downward move towards the $7,000 and $6,880 levels in the near term.