Bitcoin Price consolidating above $8,500 key level

Earlier this month, Bitcoin successfully crossed $9k mark and it suddenly dropped $500+ in couple of hours and trading in the range of $8,500 to $8,650 for the past two days. $8,800 will be the new resistance soon, if it is broken, we will see the price of crypto asset reaching $9,500 soon.

According to some analysts, it is a short term bearish pattern and will be recovered soon once it broke $8,800 support. Few key hurdles are forming near $8750 and $8800 which is a key levels for Bitcoin.

Technical indicator MACD is slowly gaining momentum in the bullish zone for the past 2 days. So major support level is $8500 and major resistance level is $8800.