Bitcoin (BTC) Price Weekly Forecast: Downtrend Intact Below $9K

There was a nasty decline in bitcoin below the $9,000 support against the US Dollar.
The price even declined below the $8,000 support and it is currently consolidating losses.
There is a declining channel forming with resistance near $8,350 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The price remains at a risk of more losses as long as it is trading below the $8,750 resistance area.Bitcoin price is trading in a downtrend below $9,000 against the US Dollar. BTC is likely t