Bitcoin’s breakout above $43,000 puts the price at a multi-month high and possibly reignites the bull market that traders have been anxiously awaiting.
Bitcoin’s (BTC) price rallied to a multi-month high at $43,231 on August 6 and this allowed the digital asset to break free of the trading range it had been stuck in since May.
Data from Cointelegraph Markets Pro and TradingView shows that after trading sideways through the early morning hours on Friday bulls staged a rally that lifted the price of Bitcoin (BTC) to an intraday high at $43,231, its highest level since May 19.
BTC/USDT 4-hour chart. Source: TradingView
Throughout the week, several analysts suggested that a rally higher was in the works because several indicators flashed bullish signals, including a cross-over between two moving averages that last appeared before the 2020 bull market and metrics that showed significant accumulation being driven by whales and retail investors.
Bitcoin’s spike to $43,210 was a major development for its price as noted by pseudonymous analyst Rekt Capital, because this was the first time BTC was able to break out of its multi-month trading range.
Rekt Capital said:
“BTC has successfully claimed the 200 day EMA as support, a long-term gauge of investor sentiment towards BTC. BTC has also successfully claimed the 21 week EMA as support, a bull market indicator. The market is getting bullish.”
The overall cryptocurrency market cap now stands at $1.719 trillion and Bitcoin’s dominance rate is 46.2%.