A new monthly low was formed near $7,987 and the price is currently correcting higher. It traded above the $8,100 level and tested the $8,150 resistance area.
However, the price seems to be facing a strong resistance near the $8,150 and $8,200 levels.
More importantly, there is a major bearish trend line forming with resistance near $8,150 on the hourly chart of the BTC/USD pair. If there is an upside break above the $8,200 resistance, bitcoin price could recover towards the $8,300 level.
On the downside, an initial support is near the $8,000 area. If there is a daily close below $8,000, the price could even break the $7,800 support. Besides, the next key support is near the $7,400 level.