BTC/USD rises again on defending $7,300 crucial support

• Bitcoin corrects higher on the day after giving several support zones including $7,500 and $7,400.
• The technical picture starts to improve in support of the ongoing reversal above $7,300.

Bitcoin is relatively bullish as the Asian session grinds to a halt. The price action is 0.5% higher on the day while the prevailing volatility is on a shrinking trend. BTC is valued at $7,368 after correcting from an opening value of $7,337.

The price dived beneath the range support at $7,400 following the retreat from the weekend high around $7,637. Various tentative support zones failed to rise to the occasion including the 50 SMA, the 100 SMA on the 1-hour chart and the ascending trendline support.

The losses extended below the 38.2% Fib retracement level taken between the last swing high of $7,637 to a swing low of $7,087. The zone between $7,274 and $7,300 stood out stopping the losses and allowing for the ongoing reversal.

Meanwhile, the RSI is gradually slopping…