Bitcoin Trading Near Make-or-Break Levels: Can Bulls Make It?

Bitcoin is currently correcting higher from the $3,906 swing low against the US Dollar. BTC is now forming a crucial breakout pattern, which is likely to decide the next move.Bitcoin price seems to be facing a lot of hurdles on the upside near $5,500 and $5,950.
The price is now trading well below $6,500 pivot area and the 100 simple moving average (4-hours).
There is a crucial contracting triangle forming with resistance near $5,350 on the 4-hours chart of the BTC/USD pair (data feed from Krake