Bitcoin is starting to firm above the $7,500 support level on Monday, following a bullish weekly price close for the number one cryptocurrency. A sustained breakout above the $7,700 resistance level this week could lead to a strong surge in BTCUSD towards the $8,200 level. Overall, BTCUSD bulls will continue to try to move away from the large falling wedge on the daily time frame.
The BTCUSD pair is only bullish while trading above the $7,500 level, key resistance is located at the $7,700 and $8,200 levels.
If the BTCUSD pair trades under the $7,500 level, sellers may test towards the $7,000 and $6,800 support levels.