On the upside, there are many key resistances for buyers near the $7,500 and $7,600 levels. Additionally, the 23.6% Fib retracement level of the downward move from the $8,327 high to $7,302 low is also near the $7,540 level.
More importantly, there is a major bearish trend line forming with resistance near $7,500 on the hourly chart of the BTC/USD pair. If there is a break above the trend line, the price could face resistance near the $7,600 level.
Conversely, if the price continues to struggle near $7,500 and $7,600, there could be another decline. An immediate support is near the $7,350 level. If there is a downside break below $7,350, the price could decline towards $7,200 or even $7,120.