On March 13 bulls took full control of the crypto market as Bitcoin (BTC) price vaulted to a new all-time high at $61,844 after a high volume surge pushed the price through overhead resistance near $58,000.
Analysts had spent the week calling for an eventual move above the $60,000 level and social metrics showed bullish sentiment for Bitcoin continued to increase as a number of companies and institutional investors announced plans to make BTC purchases.
BTC/USDT 4-hour chart. Source: TradingView
Bitcoin now finds itself in the realm of price discovery as there is limited data available from a technical analysis standpoint to determine where the price may go next.
One possible price target was highlighted in a recent report from Decentrader co-founder Philip Swift, who is now looking at the 1.618 fib extension ($70,000) as the next take profit level.
Mainstream crypto adoption continues
Evidence of the growing merger between the cryptocurrency sector and mainstream industry can be found in the most recent news that FTX exchange is in the process of finalizing a deal to sponsor the National Basketball Association’s Miami Heat and obtain the naming rights for the teams’ arena, which will likely be renamed FTX arena.
Once finalized, the deal would mark the first major partnership with an American sports league for a cryptocurrency project or platform.
The explosion in the popularity of nonfungible tokens has also caught the attention of the mainstream press following this week’s record-breaking $69.3 million Beeple auction. The success of the action has prompted an increasing number of well-known artists to begin exploring the NFT space and the opportunities it offers.
Bitcoin breakout sparks rally in altcoins
Altcoins also lit up as Bitcoin soared to a new all-time high. Decentraland (MANA), a virtual reality and gaming-focused project, outperformed the field with an 89% gain to a price of $1.19.
Daily cryptocurrency market performance. Source: Coin360
The majority of small-cap altcoins witnessed double-digit gains and even larger-cap coins like AAVE and Bitcoin Cash (BCH) surged 10.84% and 14% respectively.
Ether (ETH) also rallied 13% to $1,933 as bulls attempt to make a run at the current all-time high of $2,043
The overall cryptocurrency market cap now stands at $1.84 trillion and Bitcoin’s dominance rate is 62.1%.
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