Bitcoin Rally Pauses But Not Likely Over, Bulls Aim $8K

• Bitcoin price rallied recently above $7,300 before it ran into $7,500 against the US Dollar.
• The price is showing positive signs it seems like the bulls aim another test of $7,500.
• There is a major bullish trend line forming with support near $7,325 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair is sighting an upside break above the $7,420 and $7,500 resistance levels.

Bitcoin price is gaining bullish momentum against the US Dollar. BTC is likely to accelerate higher once again as long as it is above the $7,200 level.

Bitcoin Price Analysis

After forming a strong support near the $7,120, bitcoin price started a nice upward move against the US Dollar. The price rallied above the $7,300 and $7,400 resistance levels.

Moreover, there was a close above $7,300 and the 100 hourly simple moving average. Finally, the price spiked above the $7,500 level, but it failed to continue higher.

A high was formed near $7,531 before the price declined heavily. Bitcoin trimmed most…