The next key support is near the $7,260 level and the 100 hourly simple moving average. It coincides with the 50% Fib retracement level of the upward wave from the $6,855 swing low to $7,676 high.
If there is a downside break below the $7,260 level and the 100 hourly SMA, bitcoin could resume its decline. On the other hand, the price is likely to continue higher above the $7,600 resistance.
Additionally, there is a key declining channel forming with resistance near $7,610 on the hourly chart of the BTC/USD pair. A clear break above the $7,600 and $7,700 resistance levels could set the pace for a rise towards $8,000 or even $8,200 in the near term.
Looking at the chart, bitcoin price seems to consolidating gains above the $7,400 and $7,300 support levels. Therefore, the price is likely to climb further above $7,700 as long as there is no close below the main $7,260 support area.