Bitcoin Price Grinds Lower, More Losses Seem Imminent

Bitcoin price is slowly moving lower from the $17,000 resistance. BTC could continue to move down towards the $16,000 support zone.Bitcoin started a fresh decline after it failed to clear the $17,000 and $17,200 resistance levels.
The price is trading below $16,700 and the 100 hourly simple moving average.
There is a key bearish trend lie forming with resistance near $16,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could drop further if there is a clear move belo