- Bitcoin price extended its decline and broke the key $8,000 support area against the US Dollar.
- The price is likely to test the main weekly bearish target of $7,500 in the coming sessions.
- There was a bearish break below a contracting triangle with support near $8,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price is currently trading near $8,000 and it is likely to extend its decline towards $7,500.
Bitcoin price is extending its decline below $8,000 against the US Dollar. BTC could soon test the bearish target of $7,500 as discussed in one of the recent analyses.
Bitcoin Price Analysis
After a short term correction, bitcoin struggled to break the $8,750 resistance area against the US Dollar. As a result, the price started consolidating losses below $8,500 and the 100 hourly simple moving average. Finally, there was a downside break below the $8,350 and $8,200 support levels. It seems like the bulls failed to protect losses below the $8,200 support level.Moreover, there was a bearish break below a contracting triangle with support near $8,350 on the hourly chart of the BTC/USD pair. The pair even broke the key $8,000 support and traded to a new monthly low at $7,736. Recently, there was an upside correction above the $7,850 level. The price traded above the 23.6% Fib retracement level of the recent decline from the $8,646 high to $7,736 low.