Bitcoin Price Watch: BTC/USD Turned Short-term Bearish

Key PointsBitcoin price extended its downside correction and declined below $7,400 against the US Dollar.
There was a break below a major ascending channel with support at $7,520 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is now trading well below the $7,550 pivot level and the 100 hourly simple moving average.Bitcoin price has moved into a short-term bearish zone below $7,550 against the US Dollar. BTC/USD could correct higher, but upsides are likely to be capped.