- Bitcoin is bullish on Wednesday trading over 6% higher.
- There are some key bullish technical signals and the 55 and 200 moving averages are about to cross.
BTC/USD daily chart
Bitcoin has been pretty bullish post halving and Wednesday is also proving to be fruitful. The blue 55 exponential moving average is about to cross the orange 200 simple moving average but is also a bullish sign. That is not the only bullish technical sign as the trendline at the top of the chart has also been broken.
Elsewhere, the relative strength index is also in an overbought zone. This could indicate there is a small pullback on the cards but the market is still in an uptrend in the medium term. The real test will be if the market can break the 10500.00 mark.
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