Bitcoin (BTC) Price Weekly Forecast: More Downsides Likely

After consolidating above $9,000, bitcoin declined heavily against the US Dollar. The price is currently trading in a bearish zone, with a close below $9,000 and $8,920. There was a break below a major contracting triangle with support near $9,180 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The price is currently showing bearish signs and it could decline further towards $8,560 or $8,300.

Bitcoin price is trading in a downtrend below $9,000 against the US Dollar. BTC remains at a risk of more downsides towards $8,300 in the near term.

Bitcoin Price Weekly Analysis (BTC)

In the past few days, bitcoin consolidated in a range above the $9,000 support against the US Dollar. However, the bulls failed to protect losses, resulting in a downside break below the key $9,000 support area.

Additionally, there was a break below the 50% Fib retracement level of the upward move from the $7,317 low to $10,578 high. More importantly, there was a break below a major contracting triangle with support near $9,180 on the 4-hours chart of the BTC/USD pair.

It opened the doors for more losses below the $8,920 support and the 100 simple moving average (4-hours). The