BTC/USD Technical Analysis: Bitcoin stalling near the top

  • Bitcoin looks set for a stall-out after bumping into 8,500 on a bullish climb from late June’s bottoms, and bulls are struggling to maintain momentum.
  • A decline from here would mark in a lower high on Daily candles, enforcing a bearish bias.
  • Long-term support from 5,900 implies buyers continue to come out of the woodwork near the 6,000 handle, and the bearish trend could spin out into a constrained pattern long-term.

BTC/USD Chart, 1-Hour