Bitcoin Bears Rejected $7,300, Price Vulnerable Below $7K

• Bitcoin was rejected on a few occasions near $7,260 and $7,300 against the US Dollar.
• The price is currently declining and it remains at a risk of more downsides below $7,000.
• There is a declining channel forming with resistance near $7,180 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• Ethereum is also struggling below $132, but it is likely to bounce back as long as it is above $120.

Bitcoin price is showing a few bearish signs below $7,300 and $7,260 against the US Dollar. BTC could decline heavily if there is a clear break below $7,000.

Bitcoin Price Analysis

In the past few days, bitcoin bulls failed to gain traction above $7,320 and $7,300 against the US Dollar. Moreover, there were a few attempts to rise steadily above $7,300, but BTC failed to settle above $7,260.

The price is now trading well below $7,300 and the 100 hourly simple moving average. The last swing high was formed near $7,235 before the price declined below the $7,200 support.

Besides, there was a…