Bitcoin Downside Thrust Possible Before Key Reversal

• Bitcoin price spiked towards $7,400, but it failed to retain strength against the US Dollar.
• The bulls need to protect the $7,120 and $7,000 support levels in the near term.
• There is a major bearish trend line active with resistance near $7,360 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could spike towards the $7,000 support area before it attempts a strong increase.

Bitcoin price is holding the key $7,120 and $7,000 support levels against the US Dollar. BTC is facing many hurdles on the upside near $7,300 and $7,400.

Bitcoin Price Analysis

After forming a support base near the $7,120, bitcoin price climbed higher recently against the US Dollar. The price rallied above the $7,250 and $7,300 resistance levels.

Moreover, there was a spike above the $7,400 level and the 100 hourly simple moving average. However, the price struggled to remain steady above the $7,400 level and formed a swing high near $7,431.

As a result, the price trimmed most gains and declined…