Bitcoin (BTC) Price Nosedives: Is This The Start Of Major Correction?

Bitcoin price spiked above the $8,950 and $9,000 levels, but failed to hold gains against the US Dollar.
The price declined heavily and traded below the $8,720 and $8,440 support levels.
There was a break below a crucial bullish trend line with support at $8,560 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is currently trading in a bearish zone below the $8,300 level and it could continue lower.Bitcoin price failed near the $9,000 level and declined sharply against