Bitcoin (Bitcoin) The price rose to a multi-month high of $43,231 on August 6th, which freed the digital asset from the trading range that has been stuck since May.
Data from Cointelegraph Markets Pro and Transaction view It shows that after a sideways trade in the early hours of Friday morning, the bulls staged a rise, thereby increasing the price of Bitcoin (Bitcoin) To an intraday high of $43,231, the highest level since May 19.
Throughout the week, several analysts said that a rebound is brewing because several indicators have sent bullish signals, including Crossover between two moving averages The last time it appeared before the 2020 bull market and indicators Significant accumulation is caused by Whale and retail investors.
As pointed out by the pseudonymous analyst Rekt Capital, Bitcoin’s soaring to $43,210 is a major development in its price because this is the first time that BTC has broken its trading range of several months.
Rectangular capital Say:
“BTC has successfully supported the 200-day EMA, which is a long-term indicator of investor sentiment towards BTC. BTC has also successfully supported the 21-week moving average, which is a bull market indicator. The market is increasingly bullish.”
The overall cryptocurrency market value is now $1.719 trillion, and Bitcoin’s dominance rate is 46.2%.