Bitcoin Hits Resistance, Momentum Fading Ahead of Crucial Breakout

Bitcoin's price has reached the $87,363 resistance level, but its momentum is fading. The 5-hour chart is still showing a bullish bias, with the price at $86,252. However, the recent rejection of further upside at the resistance level is a cause for caution. The bulls are still in control, but the stalling momentum is a concern.

The technicals show that Bitcoin is keeping its long-term uptrend alive, trading 6.98% above the 200-period SMA ($80,625) and sitting comfortably atop key supports including the Ichimoku Cloud ($84,864, $85,417). The SuperTrend also stays green at $83,900, confirming that short-term momentum is holding for now.

However, the most recent high at $87,363 got slapped down, and the RSI at 60.74 is approaching overbought. The MACD's shrinking histogram warns that momentum is starting to wane. An ascending triangle pattern is now 80% complete, but only a clean close above resistance will unlock the next move higher.