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.

Share

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.

11111111111.png

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.

222222222.png

Rekt Capital:

“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.

Categories

Cryptocurrency(5)

Latest News

Shiba Inu wallet waitlist hits 1.6 and Robinood COO hails this

1.6 million people are in a queue for Robinhood's crypto wallet as pressure rises on this company to list one of the market's most popular memecoins. ...

NOV 10, 2021

BlockFi files for a Bitcoin ETF with physical backing

The Securities and Exchange Commission's decision on VanEck's proposal for a spot Bitcoin ETF is set to be made on November 14th. ...

NOV 08, 2021

Brazilian federal deputy proposes cryptocurrency as a payment option for workers

Goulart's plan calls for the passage of a new legislation that would provide all Brazilian employees the option to receive their payment in cryptocurrency from ...

NOV 07, 2021

Enjin tends to spend a new $100M to decentralize its metaverse

The fund will be dedicated to building the Efinity blockchain, focusing on seed equity investments. ...

NOV 04, 2021

Tags

Bull Market

Bitcoin

Tags

Bull Market

Bitcoin