Bitcoin Price Retraces to $8.5K Going Into Last Week Before Halving

Bitcoin price is consolidating below the recent $9.5K high, but which way will it go with less than eight days before the BTC halving?

Last week has been a tremendous week for Bitcoin (BTC), as the price surged from $7,500 to $9,450. However, since the peak high at $9,450, the top-ranked cryptocurrency by market capitalization has not seen a continuation, as the price is consolidating $800 lower. 

Is the halving hype over, and is the market ready for a correction after a 150% rally since Black Thursday? 

The price of Bitcoin is facing its next massive resistance area, i.e. $9,100-9,500. The price of Bitcoin broke through the resistance of $7,800 last week, after which a surge towards $9,500 occurred.

As the chart is showing, a clear rejection happened at $9,500. The price of Bitcoin dropped with $1,000 towards $8,500.

Clear support levels are shown by the green zones. The first level is shown between $8,250-8,400, while the next support level is the area between $7,600 and $7,800.

On the other hand, the red resistance area is found between $9,100 and $9,500. This resistance area was established in the summer period of 2019. During the massive run from Bitcoin that year, the price has been regularly finding support in the $9,500 area.

This pivotal area is now, therefore, strong resistance. A clear breakthrough in this zone would define a continuation to $10,500 and potentially $11,500.

Traders aiming for support around $8,400, while $8,600 acts as one