Bitcoin breaks $43K and crypto fans are optimistic once again after months of stress
After weeks of wait, finally, the crypto market rises from its ashes and breaches the $43K level, and records the highest price in the last months.
After this blast in Bitcoin, traders are hoping that this would be a sign of a bull market. On August 6, BTC saw its price jump up to a high of $43,231 which is the highest in the past couple of months since the major fall in May 2021. Data from Tradingview illustrates that on Friday morning the rally started in the early hours of the day which raised the price of Bitcoin up to $43,231. This is the highest price BTC has reached since the infamous bloodbath of BTC on May 19.
Source: TradingView. BTC/USDT 4-hour chart.
It must be mentioned that, since the start of this week, a couple of analysts mentioned that a bigger rally was expected according to the bullish signals from multiple indicators like cross-over between two moving averages. This had happened previously prior to the 2020 bull market.
Since it was the first time that BTC broke its multi-month trading range, this new high at $43,231 was of great significance as analyst Rekt Capital puts it.
“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.”
Data shows that the Bitcoin dominance rate stands at 46.2% and $1.719 trillion is the total cryptocurrency market cap.
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