Bitcoin has staged a strong bounce back from its recent dip under the $7,000 level, with bulls performing a solid breakout above the $7,400 level. Short-term technical analysis shows that a recovery above the $7,400 level could lead to a rally back towards the $8,000 level. Only a sustained decline below the recent swing-low, at $6,850 can negate the possibility of an upside recovery in the BTCUSD pair.
The BTCUSD pair is only bullish while trading above the $7,400 level, key resistance is located at the $8,000 and $8,200 levels.
If the BTCUSD pair trades under the $7,400 level, sellers may test towards the $6,850 and $6,600 support levels.
