(including spaces): LINK Poised to Retest $7.876 But Bears Lurking Near $7.27

•Chainlink (LINK) has seen a recent surge in prices, but is facing resistance near $7.6 due to a confluence of key supply zone and ascending trendline.
•Bitcoin price movement could be an important factor in determining LINK’s further uptrend momentum, as it is currently facing FUD amidst heightened regulatory pressure in the United States.
•At press time, bulls must defend the $7.27 support level to prevent bears from denting the bullish sentiment in LINK, while long/short ratio favored bears and funding rate history showed bullish sentiment in derivatives market.

Chainlink Price Surge Faces Resistance

Chainlink [LINK] made an impressive recovery in the past few days. It surged from $6.895 but hit a confluence of key supply zone and ascending trendline that could delay further uptrend momentum.

Bitcoin Movement Could Affect LINK Price

Bitcoin [BTC] zoomed to $29K and retreated slightly despite the current FUD amidst heightened regulatory pressure in the United States. If bulls don’t exit their positions, BTC could retest the $29K and move upwards, pulling the rest of the altcoin market, including LINK.

Price Rejections at Key Supply Zone

LINK has seen two price rejections at the supply zone of $7.6 in the past few days. At press time, the price action hit the same supply zone but closed below the ascending trendline, which attracted bears. However, bears must be cautious of the $7.27 support should bulls fail to exit their positions, especially if BTC rebounds to $29K.

Bulls Need To Defend Support Level

If bulls close above the ascending trendline and the supply zone of $7.6, LINK could appreciate to $7.876. However, bulls must defend the $7