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Bitcoin Broke A Key Technical Pattern It’s Vulnerable to a Drop Toward $8K

Bitcoin is struggling to gain bullish momentum above $9,200 against the US Dollar. BTC price is currently declining and it could continue to slide towards $8,400 or $8,200.

 ▪ Bitcoin is facing an increase in selling pressure below $9,200 and $9,000.
 ▪ The price is trading below the 100 hourly simple moving average and it could dive towards $8,400.
 ▪ There is a key bearish trend line forming with resistance near $8,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
 ▪ The pair could correct in the short term, but it is likely to continue lower towards $8,400 or $8,200.