Bitcoin (BTC) Price Weekly Forecast: Risk of Extended Drop To $8,880

There was a major drop in bitcoin price after it broke the $12,000 support against the US Dollar. The price is currently holding the key $10,800 support area, but it remains at a risk of more losses. There was a break below a key bullish trend line with support at $12,100 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair could extend losses towards the $8,880 level if there is a successful break below $10,800.

Bitcoin price is holding the key $10,800 support area against the US Dollar. Having said that, BTC remains at a risk of more losses if there is no break above $11,600 and $12,000.

Bitcoin Price Weekly Analysis (BTC)

This past week, bitcoin price declined heavily below the $12,200 and $12,000 support levels against the US Dollar. The BTC/USD pair even broke the $11,500 support and settled below the 100 simple moving average (4-hours). However, the bulls were able to hold the key $10,800 and $11,000 support levels (as forecasted in the recent analysis).

The recent drop from the $13,182 swing high was initiated once there was a break below a key bullish trend line with support at $12,100 on the