This is a daily technical analysis of Coindesk analyst and chartered market technician Omkar Godbole.

Bitcoin’s (BTC) Recovery Rally has stopped since Sunday and raises the risk of a bearish shift in key indicators.

Since Sunday, the $ 86,000 mark has emerged as a resistance and supply zone where bulls fail to keep gains above this level. The evasive outbreak has raised the risk of a bearish adjustment in central momentum indicators- the 50, 100- and 200-hour simple movement average (SMA). The three average stacked under the other, and Trending South represents the bearish adjustment.

The 50- and 100-hour SMAs have topped and appears on the track to produce a Bearish crossover that will see the former move below the latter. While Cryptocurrency’s price remains over the 200-hour SMA, the impending bear cross of the other two SMAs indicates that sellers seem to repeat themselves.

In addition, the daily map MacD Histogram has stopped printing successively higher columns above the zero line, reflecting a loss of upward momentum to support the notion of potential bearish development in the market.

All this, when viewed on the basis of downward trending 50- and 100-day SMUs, requires caution on the part of Bull. A step below $ 83K, the Time Card Support, would validate the bearish development, which potentially gives a charge against the recent low levels near $ 75K.

In the meantime, an UTC -proof is needed over $ 86K to signal a continuation of recovery rally.