Bitcoin (BTC) Price Weekly Forecast: Technical Bias Signaling Fresh Increase

There was a sharp decline in bitcoin price after it spiked above the $9,000 level against the US Dollar. The price declined below the $8,600 support and tested the key $8,000 support area. There was a break below a major bullish trend line with support near $8,540 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair tested the $8,000 support area ad recently bounced back above $8,400 and $8,500. Bitcoin price recovered sharply after a major drop to $8,000 against the US Dollar. BTC is…