Bitcoin Price Watch: BTC/USD at Risk of Further Declines

Key PointsBitcoin price declined and broke a key support level at $8,200 against the US Dollar.There was a break below a triangle pattern with support at $8,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).The pair may correct a few points in the short term, but it could face resistance near $8,150 and $8,250.Bitcoin price tumbled below key supports against the US Dollar. BTC/USD is currently consolidating near $8,000 and it is at risk of more losses.Bitcoin Price AnalysisThere was no upside break above $8,500 in bitcoin price against the US Dollar. The BTC/USD pair failed on many occasions to trade above the $8,500 resistance area.

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