On the upside, there are many key resistances near the $8,600 area. An immediate resistance is near the $8,520 level since it coincides with the 50% 23.6% Fib retracement level of the latest drop from the $8,629 high to $8,419 low.
Additionally, the 100 hourly simple moving average is also near the $8,520 level. More importantly, there is a major bearish trend line forming with resistance near $8,525 on the hourly chart of the BTC/USD pair.
Above the trend line, bitcoin price is likely to face another strong resistance near the $8,600 area. The next key resistance is near the $8,660 level, above which the price could start a decent recovery.
Conversely, if the price fails to correct above $8,525 or $8,600, it might resume its decline. An initial support is near the $8,420 area. The next key support region is near the $8,375 level, below which the price is likely to test the $8,200 support area.