An immediate resistance is near the $7,240 level. Besides, there is a key bearish trend line forming with resistance near $7,240 on the hourly chart of the BTC/USD pair.
The next resistance is near the 23.6% Fib retracement level of the recent slide from the $7,531 high to $7,179 low. However, the first major hurdle is near $7,300 and the 100 hourly simple moving average.
A successful break above the $7,300 barrier might push bitcoin price towards the $7,400 resistance level. An intermediate resistance could be $7,355 or the 50% Fib retracement level of the recent slide from the $7,531 high to $7,179 low.
Conversely, the price might struggle to climb above the $7,300 resistance area and the 100 hourly SMA. In the mentioned case, there is a risk of a bearish breakdown below the $7,200 and $7,150 support levels.
Looking at the chart, bitcoin price seems to be preparing for an upside break above the $7,240 and $7,300 resistance levels. A successful close above the $7,300 level will most likely lead the price towards $7,400 and $7,500.