If there is a downside break below the $8,540 and $8,500 support levels, the price could extend its correction. The next key support is near the $8,400 level. Moreover, the 50% Fib retracement level of the recent rally from the $8124 low to $8,691 high is also near the $8,407 level. If there are any additional losses, the price may perhaps test the $8,350 support area (the recent key resistance).
The 61.8% Fib retracement level of the recent rally from the $8124 low to $8,691 high is also near the $8,340 level to provide support. On the upside, an immediate resistance is near the $8,620 level. If there is an upside break above $8,620 and $8,650, the price is likely to accelerate towards the $8,800 level.
Looking at the chart, bitcoin is clearly trading in a positive zone above the $8,500 pivot level. In the short term, there could be a downside correction, but the $8,400 and $8,350 levels are likely to protect losses.