Bitcoin price analysis: BTC/USD embracing $7,500 support but still in danger of plunging further

• Bitcoin price breaks $7,800 critical support; further, break down could extend declines towards $7,400.
• BTC/USD is facing immediate resistance at $7,550 while $7,644.34 is capping intraday gains.

Bitcoin price is still languishing in selling pressure after plunging below $8,000. However, the price appears to be strongly supported at the 23.6% Fib retracement level between the lows of 7,207.40 and a high of $8,490.39 marginally above $7,500.

Bitcoin trend is still bearish, besides it opened the trading on August 1 at $7,726.16 while it’s currently changing hands at $7,540 at the time of writing. BTC/USD staged a recovery during the European trading hours but it lost momentum at $7,644.34 leading to lower corrections that are testing the support at $7,500.

Technically, Bitcoin is likely to break the support following the signals technical indicators are sending. The MACD is at -100; the lowest it has reached since the decline on June 22 where it dropped to -146. The stochastic, on the other hand, had recovered from the oversold, but it is at 32.3% and heading south. The immediate resistance for BTC/USD sits at $7,550, while the key intraday cap is at $7,644.34. The next resistance target and a critical breakout position is the 38.2% Fib retracement level between the highs of $8,490.39 and the lows of $7,207.40 at $7,700.

BTC/USD 1-hour chart