Bitcoin measured downtrend to reverse only if price breaks 8700

BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
Bitcoin price cautiously moved down for the last week, with several tenuous rallies in the process. Price broke down the pivot support level at $8600 USD today.

The overall crypto market is still very weak. Until seeing a major break out above the downtrend line with strong volume , it's safe to assume bitcoin still has room to go down. The downward structure looks like a descending wedge , which is a bullish reversal pattern. However, currently, we don't have any bullish sign for the moment.

Horizontal support 2 : 8160
Horizontal support 3: 7650