An initial support is near the $7,540 level. Besides, the 23.6% Fib retracement level of the recent surge from the $7,166 low to $7,652 high is near $7,537. If there are more downside, the next stop could be near the $7,460 level (the recent breakout zone).
The net major support could be $7,400, and the 50% Fib retracement level of the recent surge from the $7,166 low to $7,652 high. At the moment, there is a short term breakout pattern forming with resistance near $7,590 on the hourly chart of the BTC/USD pair.
If there is an upside break above the $7,590 and $7,600 resistance levels, bitcoin is likely to resume its upward move. The next resistance is near the $7,652 high, above which the price could surge towards the $7,800 level.
Looking at the chart, bitcoin price is showing a lot of positive signs after the recent rally above $7,500. Therefore, there are high chances of more upsides above the $7,700 and $7,800 levels in the coming sessions unless the price trades below $7,400.