Bitcoin (BTC) Trend Overwhelmingly Negative, Continue Selling?

• Bitcoin price is slowly declining and it recently broke the $7,200 support area against the US Dollar.
• The price is currently consolidating above $7,100 and likely to continue lower.
• Yesterday’s key declining channel is still active with resistance near $7,320 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could correct higher, but sellers are likely to remain in control near $7,200 and $7,250.

Bitcoin price is showing signs of additional losses below $7,000 against the US Dollar. BTC remains sell on rallies until there is a daily close above $7,400.

Bitcoin Price Analysis

Recently, bitcoin made a couple of attempts to settle above $7,380 and $7,400 against the US Dollar. However, BTC failed to gain bullish momentum above $7,400 and remained well below the 100 hourly simple moving average.

As a result, the bears took over and the price declined below the $7,320 support. Moreover, there was a break below the key $7,200 and $7,180 support levels.

Finally, the…