Bitcoin (BTC) Price Trend Remains Negative Below $8,400

• Bitcoin price is struggling to correct above the $8,350 and $8,400 resistances against the US Dollar.
• The price is currently correcting higher after trading as low as $8,146.
• Recently, there was a break below a key ascending channel with support near $8,340 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The price could correct higher, but it is likely to face a strong resistance near $8,350 and $8,400.

Bitcoin price is trading in a negative zone below $8,400 against the US Dollar. BTC must climb above $8,400 and $8,500 to move back into a positive zone.

Bitcoin Price Analysis

This past week, we saw a nasty decline from the $8,950 zone in bitcoin against the US Dollar. The price declined heavily and broke the key $8,500 support area. Moreover, there was a close below the $8,500 level and the 100 hourly simple moving average. It opened the doors for more losses below the $8,400 and $8,350 support levels. Recently, there was a recovery above the $8,400 level, but the price…