On the upside, there are many hurdles starting with the $7,400 level. More importantly, the 50% Fib retracement level of the recent decline from the $7,531 high to $7,305 low is near the $7,420 level to stop the upward move.
The main resistance is still near the $7,500 level, above which bitcoin price is likely to accelerate higher. In the mentioned case, the next stop for the bulls could be near the $7,680 and $7,700 levels.
Conversely, the price might continue to struggle near $7,400 and $7,420. On the downside, an initial support is near the $7,325 level. There is also a major bullish trend line forming with support near $7,325 on the hourly chart of the BTC/USD pair.
Looking at the chart, bitcoin price is showing a lot of positive signs above the $7,300 level. Therefore, the price is likely to continue higher towards $7,500 and $7,700 unless the bears are able to push the price below the $7,200 support.