Bitcoin Hits Highest Price since May to $43,000

Bitcoin’s price rallied to a multi-month high at $43,231 on August 6; this allowed the digital asset to break free of the trading range it had been stuck in since May.

Data from Cointelegraph shows that after trading sideways through the early morning hours on Friday bulls staged a rally that lifted the price of Bitcoin to an intra-day 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.