On March 13, bulls took full control of the crypto market as the Bitcoin (BTC) price rose to a new high of $ 61,844 after a high volume surge pushed the price through overhead resistance near $ 58,000 has.
Analysts spent the week pushing for a final rise above the $ 60,000 level, and social benchmarks continued to boost strong sentiment for Bitcoin as a number of companies and institutional investors announced plans to make BTC purchases.
Bitcoin now finds itself in the realm of price discovery, as there is limited data available from a technical analysis point of view to determine where the price may go next.
One possible price target was highlighted in a recent report by Decentrader co-founder Philip Swift, who now considers the 1,618 fib extension ($ 70,000) as the next profit level.
Mainstream crypto adoption continues
Evidence of the growing merger between the cryptocurrency sector and the mainstream industry can be found in the most recent news that the FTX exchange is finalizing an agreement to sponsor the Miami Basketball Association’s Miami Heat and the naming rights for the arena of the teams. which will likely be renamed to FTX arena.
Once finalized, the agreement would be the first major partnership with a U.S. sports league for a cryptocurrency project or platform.
The explosion in the popularity of non-flammable tokens also caught the attention of the main press after this week’s record-breaking $ 69.3 million Beeple auction. The success of the action has led to the growing number of well-known artists to start exploring the NFT space and the opportunities it offers.
Bitcoin outbreak sparks rally in altcoins
Altcoins also lit up when Bitcoin peaked. Decentraland (MANA), a virtual reality and games project, outperformed the field with a 89% profit at a price of $ 1.19.
The majority of small-cap capitalization saw double-digit gains, and even larger-capitalized currencies such as AAVE and Bitcoin Cash (BCH) rose 10.84% and 14%, respectively.
Ether (ETH) also rose 13% to $ 1,933 as bulls try to make a run at the current everyday high of $ 2,043
The total market capitalization for cryptocurrency now stands at $ 1.84 billion and Bitcoin’s dominance rate is 62.1%.
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