If there is an upside break above $8,350 and $8,450, the price could recover further. The main resistance on the upside is near the $8,750 level. A successful close above $8,750 and a follow through above $9,000 is needed for a strong recovery in bitcoin in the near term.
On the downside, an initial support is near the $7,900 and $7,850 levels. If there is a downside break below the $7,850 support, the price could break the last swing low and continue lower. The main target for the bears could be $7,500. If there are more downsides, the price may perhaps test the $7,200 level.
Looking at the chart, bitcoin price is clearly trading in a bearish zone below the $8,750 and $9,000 resistance levels. It seems like there are chances of more downsides below $7,850 and $7,750. Once the current wave is complete near $7,500 or $7,200, the price could start a strong recovery.