Bitcoin shows positive signs above the $7,400 resistance level. The price may clear resistance of $7,560 and $7,600 to continue higher. On the hourly chart, there is a major bullish trend line formed with support near $7,490. The pair may rebound once it successfully closes above $7,600 and $7,700 in the next few days.
The price of bitcoin trades in a positive region above $7,400. As long as it is above the swing low of $7,160, BTC could test the $8,000 resistance level.
In addition, the recent wave of 61.8% Fibonacci retracements from a low of $7,400 to a high of $7,585 also provided good support. On the hourly chart, a major bullish trend line is formed with support near $7,490. Therefore, a break below the trend line support and $7,500 could trigger further downside adjustment.
From a resistance perspective, there are multiple important resistance levels near $7,580 and $7,600. A successful close above $7,600 and a subsequent break above $7,700 may begin a strong rebound to the $8,000 resistance zone.
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