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Bitcoin Eyes Last Line of Defense But Can Bulls Save This Crucial Support?

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Bitcoin is declining and trading below the key $7,800 support against the US Dollar. BTC price could soon test the main $7,400-$7,500 support area where the bulls might take a stand.Bitcoin is extending losses and it may even slide below the $7,600 area against the US Dollar.The bulls are likely to take a strong stand near the $7,500 and $7,400 support levels.There is a major declining channel forming with support near $7,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).The pair remains at a risk of a massive drop if it fails to stay above the $7,400 support.Bitcoin is Approaching Major SupportAfter testing the $7,600 area, bitcoin price corrected a few points against the US Dollar. BTC price traded above the $7,800 level, but it stayed well below the 100 hourly simple moving average.It seems like the price fails to gain strength above the $8,000 level. A swing high is formed near $7,988 and the price is currently declining. There was a break below the $7,800 support level to start a fresh decline.Moreover, the price broke the 61.8% Fib retracement level of the recent wave from the $7,578 low to $7,988 high. It opened the doors for more losses below $7,700. Bitcoin is now trading near the $7,600 level and approaching the last low at $7,578.There is also a major declining channel forming with support near $7,550 on the hourly chart of the BTC/USD pair. If the pair fails to stay above the channel support and $7,578, there is a risk of a downside thrust in the near term.Bitcoin PriceBitcoin PriceOn the downside, there are a few important supports near the $7,500 and $7,400 levels (as discussed in one of the previous analyses using the daily chart). If BTC fails to stay above the $7,400 support, there is a risk of a sharp decline towards the $7,000 level.Fresh RecoveryIf bitcoin finds a solid buying interest near $7,500 or $7,400, it may perhaps start a fresh recovery in the coming sessions. An initial resistance on the upside is near the $7,800 level.To move into a positive zone, the price must surpass the $8,000 resistance area. In the mentioned case, there are chances of a decent comeback towards the $8,400 and $8,500 levels.Technical indicators:Hourly MACD – The MACD is now gaining pace in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently declining towards the 25 level.Major Support Levels – $7,500 followed by $7,400.Major Resistance Levels – $7,800, $8,000 and $8,200.

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