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The price of Bitcoin (BTC) hit a multi-month high of $ 43,231 on August 6, allowing the digital asset to break free from the trading range it had been stuck in since May.
Data from Cointelegraph Markets Pro and TradingView shows that after trading sideways until the wee hours of the morning on Friday, the bulls staged a rally that took the price of Bitcoin (BTC) to an intraday high at $ 43,231, its highest level since May 19.
Throughout the week, several analysts have suggested that a higher rally is underway as several indicators have given bullish signals, including a cross between two moving averages that last appeared before the 2020 bull market and metrics. showing a significant accumulation due to whales and private investors.
Bitcoin’s spike at $ 43,210 was a major move for its price, as pseudonymous analyst Rekt Capital noted, as it was the first time BTC was able to break out of its multi-month trading range.
Rekt Capital noted:
“BTC successfully claimed the 200-day EMA as support, a long-term indicator of investor sentiment towards BTC. BTC also successfully claimed the 21-week EMA as support, a bullish market indicator. The market becomes bullish.
The overall cryptocurrency market capitalization now stands at $ 1.719 billion and Bitcoin’s dominance rate is 46.2%.
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