Bitcoin price is declining and it recently traded to a new monthly low at $7,661 against the US Dollar. The price is trading in a downtrend and it is likely to test the $7,500 or $7,200 level in the near term. There is a key bearish trend line forming with resistance near $8,050 on the hourly chart of the BTC/USD pair (data feed from Kraken). The price could soon complete the current decline near $7,500 or $7,200 in the coming sessions. Bitcoin price is showing signs of more downsides below $8,000 against the US Dollar. BTC is likely to find a strong buying interest near the $7,500 or $7,200 support. Bitcoin Price Analysis Recently, there was a minor upside correction in bitcoin above the $8,000 level against the US Dollar. The BTC/USD pair even climbed above the $8,200 resistance. Finally, the price spiked towards $8,400, but it failed to gain momentum. Moreover, there was no proper close above $8,200 and the 100 hourly simple moving average. As a result, the price started a ...