Bitcoin price skyrockets through $ 43K, hitting its highest price since May

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Bitcoin’s price (BTC) rose to a multi-month high of $ 43,231 on August 6, and this allowed the digital asset to break out of the trading range it has been stuck in since May.

Data from Cointelegraph Markets Pro and TradingView shows that after trading sideways in the early hours of the morning on Friday, the bulls staged a rally that pushed the price of Bitcoin (BTC) to an intraday high of $ 43,231, the highest level since May 19th.

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BTC / USDT 4-hour chart. Source: TradingView

Throughout the week, several analysts suggested that an upward rally was in the works as several indicators showed bullish signals, including a crossover between two moving averages that last appeared before the 2020 bull market and metrics that indicated significant accumulation by whales and retail investors.

Bitcoin’s rise to $ 43,210 was a key development for its price, as pseudonymous analyst Rekt Capital noted, as BTC was able to break out of its multi-month trading range for the first time.

Rekt Capital said:

“BTC has successfully claimed support from the 200-day EMA, a long-term gauge of investor sentiment towards BTC. BTC has also successfully claimed support from the 21-week EMA, a bull market indicator. The market is becoming bullish. “

The total market cap of the cryptocurrency is now $ 1.719 trillion and the dominance of Bitcoin is 46.2%.