Bitcoin's Breakout Rejected at $86,800: Next Attempt Looms

The Bitcoin price has broken out of its parallel channel and reached $86,800. However, this breakout was met with resistance, causing the price to fall back to $86,000.

According to TradingView charts, the price had been building up momentum in a descending triangle pattern within the parallel channel. Once volume got behind the breakout, the price quickly ascended to the top of the channel, where it was rejected.

The bulls are still holding out hope for a confirmed breakout, which could take place on Friday or over the weekend. If this happens, the price could surge into the low to mid $90K region before consolidating or correcting.

However, one important factor that the bulls need to consider is that the price is starting to enter an overbought condition, which may indicate a reversal in momentum.