Bitcoin Price Analysis: BTC/USD rises again on defending $7,300 crucial support

Bitcoin corrects higher on the day after giving several support zones including $7,500 and $7,400.
The technical picture starts to improve in support of the ongoing reversal above $7,300.

Bitcoin is relatively bullish as the Asian session grinds to a halt. The price action is 0.5% higher on the day while the prevailing volatility is on a shrinking trend. BTC is valued at $7,368 after correcting from an opening value of $7,337.

The price dived beneath the range support at $7,400 following the retreat from the weekend high around $7,637. Various tentative support zones failed to rise to the occasion including the 50 SMA, the 100 SMA on the 1-hour chart and the ascending trendline support.

The losses extended below the 38.2% Fib retracement level taken between the last swing high of $7,637 to a swing low of $7,087. The zone between $7,274 and $7,300 stood out stopping the losses and allowing for the ongoing reversal.

Meanwhile, the RSI is gradually slopping upwards after touching the 30 level. Further movement north will cement the bulls’ position on the market and propel Bitcoin above $7,400.

BTC/USD 1-hour chart

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