Bitcoin Trading Near Make-or-Break Levels, 100 SMA Holds Key

Bitcoin price failed to extend gains above $7,700 and declined more than $400 against the US Dollar.
The price is now trading below $7,400 and it declined close to the $7,260 support area.
Earlier, there was a break below a contacting triangle with support near $7,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair must stay above the $7,120 support to avoid a bearish reversal in the near term.Bitcoin price is back to the key $7,200 support area against the US Dollar.