BTC Technical Analysis: $40K Breakout Brings Back The Lost Bullishness

The BTC price successfully continues the uptrend after the retest of the falling wedge breakout. The rally breaks above the $40K and aims to head higher. The most distinctive benefit of Bitcoin comes because it was the first cryptocurrency to hit the market. It has been able to establish an international community and gave birth to a completely new business sector with millions of passionate users who invest, trade, and utilize Bitcoin and other cryptocurrencies in their daily lives. The first cryptocurrency has provided an idea and a technological foundation that later influenced the creation of a multitude of different projects. Let us move ahead to read about BTC technical analysis. Past Performance of BTC The BTC price action retests the bullish breakout of the falling broadening wedge pattern within a morning star pattern. The bullish reversal with the morning star resulted in a price jump of more than 11%. Moreover, the price breaks above the crucial $40K mark. BTC/USD Daily Chart BTC Technical Analysis The BTC price shows a slight retracement to retest the bullish breakout of the $40K in the price chart. However, traders can shortly find the price giving a lower price rejection to continue the uptrend. The crucial Exponential Moving Averages (50, 100, and 200-day) showcase a bearish alignment in the daily chart. The price jump aims to break above the 50-day EMA (red) to reinstate the uptrend. The RSI indicator shows a s...