Bitcoin’s (BTC) upward trend has come to a halt, and concerns for a bearish shift are growing. The current resistance appears to be set at the $86,000 level, while important momentum indicators hint at a downturn, as the 50- and 100-hour simple moving averages (SMA) are about to cross.

Key Points:

• Bitcoin’s recovery rally has paused, facing resistance at the $86K mark.
• Essential indicators are showing signs of a bearish change, particularly with the 50- and 100-hour SMAs nearing a crossover.
• A dip below $83K could spark a sell-off, whereas surpassing $86K is necessary for the rally to regain momentum.

Figcaption: BTC’s recovery attempt hits a wall. (TradingView/CoinDesk)

The narrative shows that Bitcoin bulls are currently finding it challenging to maintain momentum, and caution is advised as the market navigates these critical thresholds.