BTC/USD is struggling to hold 7-DMA support on Monday and is currently trading at 8130 levels at the time of writing (Bitstamp).

The pair surged to near 8300 levels over the weekend after Hester Peirce, the SEC commissioner, expressed her dissent on the recent decision by the U.S. Securities and Exchange Commission to reject the bitcoin ETF application from the Winklevoss twins citing lack of measures to prevent price manipulation.

The bears seem to have taken charge today and the pair is currently eyeing support at 8015 (1h 200-SMA) and a break below would target 7980 (10-DMA). Further weakness would drag it to 7809 (3h 100-SMA)/7677 (4h 90-EMA)/7500.

On the upside, the pair faces stiff resistance at 8359 (convergence of 61.8% retracement of 9948.98 and 5774.72 and trend line joining 11688 and 8496.96) and a break above would see it testing 8471 (200-DMA)/8500. Further strength would target 8590 (May 20 high).

Momentum Studies: Bias appears largely neutral on the daily chart as the pair extends consolidation below trend line resistance at 8359.

Some weakness could be on the cards if the pair breaks below 1h 200-SMA.