Bitcoin price blasts through $43K, hitting its highest price since May
Data from Fintech Zoom 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.
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%.
Read here about Ethereum price.
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