Bitcoin (BTC) Relatively Muted, Signs of Further Weakness

Bitcoin price is facing a strong resistance near the $7,400 and $7,460 levels against the US Dollar.
The price is approaching the key $7,200 and $7,160 support levels.
There is a short term declining channel forming with resistance near $7,380 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could recover above $7,400 as long as there is no daily close below $7,200.Bitcoin price is currently confined in a range below $7,400 against the US Dollar. BTC must stay above $7,