Bitcoin (BTC) Price Downside Thrust Underway, Bulls Struggling

Bitcoin price failed to stay above the $7,400 support and declined recently against the US Dollar.
The price is trading below $7,280 and it could even decline below the $7,160 support.
There is a major declining channel forming with resistance near $7,240 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair remains at a risk of a downside thrust below $7,160 and $7,040 in the near term.Bitcoin price is showing a few bearish signs below $7,280 against the US Dollar. BTC is l