The Bitcoin is showing negative signs below the $7,320 level, which indicates that the cryptocurrency may decline further this week, according to Newsbtc website.
The Bitcoin has witnessed a steady decline below the $7,320 support against the US Dollar. The cryptocurrency settled below $7,320 and the 100 hourly simple moving average.
The next major resistance is close to the $7,320 level. Moreover, the 50% Fib retracement level of the downward move from the $7,531 high to $7,109 low is near the $7,320 resistance.
On the bright side, closing above the $7,320 resistance set the pace for a strong upward. Accordingly, the Bitcoin would continue to rise towards the $7,400 and $7,500 resistance levels.
However, the cryptocurrency may fail to continue rising above $7,275 and $7,320. Thus, the price might extend its downward trend below $7,150.
