Bitcoin price hits $43K, hitting highest since May
On August 6, Bitcoin’s price hit $43,231, allowing the crypto coin to break away from the trading range it was stuck at since May.
Data from TradingView and Cointelegraph Markets Pro reflect that after trading sideways in the wee hours of Friday, bulls rallied, leading to a price lift of Bitcoin to $43,231, its highest ever since May 19.
During the whole week, analysts were suggesting that a rally higher was underway as several indicators showed bullish signals, including one cross-over in between two moving averages that were last seen before the 2020 bull market metrics reflected significant accumulation being driven by retail investors and whales.
Rekt Capital noted that BTC’s spike at $43,210 comes as a significant development where its price is concerned, increasing 200 day EMA support and gaining investor sentiments. It also highlighted that Bitcoin had gotten a 21 week EMA as support which is a bull market indicator.
With Bitcoin at its highest since May, the overall cryptocurrency market capitalization rests now at $1.719 trillion, while Bitcoin’s dominance rate stands at 46.2%.