Bitcoin has continued its double-digit weekly decline, with the number one cryptocurrency crashing back towards the $7,500 support level. Going forward, a break below the $7,220 level would be extremely bearish for the BTCUSD pair over the medium-term. BTCUSD buyers desperately need to rally the cryptocurrency back above the psychological $8,000 resistance level.
The BTCUSD pair is only bullish while trading above the $8,000 level, key resistance is located at the $8,200 and $8,500 levels.
If the BTCUSD pair trades under the $8,000 level, sellers may test towards the $7,220 and $6,600 support levels.