The price of bitcoin has risen beyond $43,000, reaching its highest level since May

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The price of bitcoin has broken beyond $43,000, putting it at a multi-month high and potentially reigniting the bull market that traders have been waiting for. enter image description here

On August 6, Bitcoin's (BTC) price surged to a multi-month high of $43,231 allowing the digital asset to break free of a trading range it had been stuck in since May.

Multiple analysts predicted a stronger rally this week because several indicators flashed optimistic signals, including a cross-over between two moving averages that last existed before the 2020 bull market and measures that showed significant accumulation driven by whales and retail investors.

According to pseudonymous analyst Rekt Capital, Bitcoin's surge to $43,210 was a significant milestone for its price because it was the first time BTC was able to break out of a multi-month trading range.

Rekt Capital said:

BlBTC 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