Bitcoin News, Bitcoin Price, Price Share on Facebook Share on Twitter Share on Google+ Share on Pinterest Share on LinkedIn Bitcoin Price Watch: On Wednesday morning, Bitcoin went on a steady bullish run which took BTC/USD to as high as $7,700. However, BTC/USD is currently on the decline due to a major selloff, testing a major level at $7,500. This downward movement may be crucial in determining whether Bitcoin price will see further pullbacks and drop down to $7,000. Bitcoin Testing Major Support Following this morning’s bull run to a high of $7,700, Bitcoin has now pulled back and is now testing a major support level at $7,500. The cryptocurrency failed to break out yesterday and remained below $7,500 for most of the day. A major resistance level has been established at $7,700. At the moment, there is an increasing selling pressure causing the current bear run. However, the candlestick patterns show that a bearish reversal is likely to occur once the selling pressure eases off. This could move Bitcoin price back toward the $7,600 territory. Overall, Bitcoin is down by more than 30% from the recent high of $9,990, so the bulls could always return to push its price back up. BTC/USD could turn higher later today, as indicated by the historical pattern. The moving averages currently favor the bulls. A rally above $7,800 is the desired target toward the end of the week. Source: Tradingview As for the technicals, the MACD and signal lines are displaying a severe downward pattern to confirm the bearish run. The RSI score also shows that the market is experiencing a major selloff. The high trading volume confirms this stance, but there’s optimism that buying pressure will come in later. Looking at the Technical Indicators: Hourly MACD — Bearish signal Hourly RSI — Bitcoin is in oversold territory Major Resistance Level — $7,700 Major Support Level — $7,500 Featured Image: Depositphotos/© belchonock NEXT PAGE NEXT Previous Bitcoin Price Watch – BTC/USD Erases Recent Gains, Crosses $7,500 Next Bitcoin Price Watch – BTC/USD Holds Support, Volatility On The Decline If You Liked This Article Click To Share This article was originally published by Cryptocurrencynews.com. Read the original article here. Share on Facebook Share on Twitter Share on Google+ Share on Pinterest Share on LinkedIn Products You May LikeArticles You May Like Trump Adviser Invokes 9/11 to Explain Bitcoin Threat Japanese Crypto Exchange Coincheck Is Considering Launching an IEO Crypto Transaction Tracking Service Whale Alert Announces Version 2 Deloitte Launches Demonstrational “Blockchain in a Box” Platform Bitcoin Adjusted Dominance Soars: Bullish Sign for Times to Come?