Bitcoin has achieved its highest price since May, giving it a multi-month high position. Traders are happy as this is the period every trader has been waiting for.
On August sixth, Bitcoin attained a price of $43 231, breaking it free from the trading range. It had stagnated since May. According to CointelegraphmarketsPro and Trading View. Bitcoin started being bullish on Friday morning and so far has attained a high of $43 231, which is the highest it has attained since May. Bitcoin has been trading at around $30K – $42K since the end of May.
There has been so much that has been happening throughout the week. According to analysts, several indicators pushed Bitcoin to that price. Bitcoin attained a similar level when there was a crossover between two moving averages in the 2020 bull market. The leading indicators pushing the price were an increasing number of whales and retail investors. This coin has managed to break out from its multi-month range, which is a significant development.
According to analyst Rekt Capital, Bitcoin has successfully attained the 200-day EMA as a support, which can be used as a long-term gauge for investors interested in BTC.
When bitcoin increases in price, several other factors are affected as well. The global cryptocurrency market cap increased by almost 5% to $1.75 trillion. This has affected the total crypto market volume making it decrease 0.12% to $99.78 billion. Bitcoin’s dominance in the market increased by 0.60 percent, pushing it to 46.30.
By Bitcoin moving higher, it is getting more bullish and is set to even increase further in price. It will just have to fight higher resistance levels, which will push it further up.
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