Bitcoin Downside Thrust Possible Before Key Reversal

Bitcoin price spiked towards $7,400, but it failed to retain strength against the US Dollar.
The bulls need to protect the $7,120 and $7,000 support levels in the near term.
There is a major bearish trend line active with resistance near $7,360 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could spike towards the $7,000 support area before it attempts a strong increase.Bitcoin price is holding the key $7,120 and $7,000 support levels against the US Dollar. BTC is fac