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BTC shot to highs of $39,770 on Coinbase, crossing above the 50-day moving average for the first time since May<\/strong><\/p>\n Bitcoin<\/a> almost cracked the $40k mark as its price surged on Sunday and Monday morning to cross the $39,000 level for the first time since 15 June. On US exchange Coinbase, buy orders cracked $39,770 to reach the highest prices since the downtrend to lows of $29,300 began in mid-May.<\/p>\n BTC\/USD traded higher on the daily chart after the RSI snapped a long-term downtrend that marked the rejection at $42k back in early January. The upside that followed the latest momentum breakout elevated prices above the 50-day MA, with bulls now eyeing the highest daily close since mid-June.<\/p>\n Just before the recovery above the major resistance line at $35k, technical analyst Daniel Joe averred that the last time Bitcoin charts showed the above outlook, prices went on to hit a new peak.<\/p>\n A comparison chart from October 2020 shows the potential for BTC price to spike even higher above $40k given the historical breakout from a negative RSI and steady climb above the 50 DMA.<\/p>\n <\/p>\n Chart showing BTC price breakout in October 2020. Source:\u00a0<\/em>Daniel Joe on Twitter<\/em><\/a><\/p>\n Technical analyst Crypto Ed has, however, cautioned<\/a> that a breakdown to new lows is still possible. Pointing to the Elliott Wave chart pattern, he notes that failure to break above $42k could result in a bearish flip.<\/p>\n <\/p>\n BTC price Elliott Wave chart: Source:\u00a0<\/em>Crypto Ed on Twitter<\/em><\/a><\/p>\n The analyst suggests BTC\/USD will rally higher if it breaks above $42k. In this case, investors can target highs of $45,000 and then $49,200 as shown on the daily chart above.<\/p>\n As of writing, BTC\/USD is trading around $38,280 after bulls shed some of the early morning gains. The cryptocurrency nonetheless remains in the green, nearly 12% up on the 24-hour chart and over 21% in the green over its open a week ago.<\/p>\n Looking at the daily chart, the RSI is attacking the overbought line while the MACD is increasing in the bullish zone.\u00a0<\/p>\n BTC\/USD daily chart. Source:\u00a0<\/em>Tradingview<\/em><\/a><\/p>\n Elsewhere in the market, other cryptocurrencies have mirrored Bitcoin’s upside to post decent gains, with Ethereum<\/a> (ETH) up 6.9% to trade around $2,363 as of writing. Binance Coin<\/a> (BNB), Dogecoin<\/a> (DOGE), and Bitcoin Cash<\/a> (BCH) have also seen double-digit gains as they rally above vital support levels.<\/p>\n<\/p><\/div>\nBitcoin price outlook<\/h2>\n