Bitcoin Price Watch: Can BTC/USD Hold 100 SMA?

Key PointsBitcoin price formed a short-term top near $8,600 and started a downside move against the US Dollar.
There was a break below a key bullish trend line with support at $8,370 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair must hold the $8,240 support and the 100 hourly simple moving average to avoid more losses.Bitcoin price is trading above a major support at $8,240 against the US Dollar. BTC/USD should stay above the 100 hourly SMA to trim recent losses.
Bitc