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During the weekend, bitcoin finally broke above the resistance zone of 58,340.66 - 59,517.79. The price has been unable to break through this zone since mid-March. After a breakout, the price returned to this zone and confirmed it as support. At the moment, it reached Saturday's highs.
As for historic highs, the world's first cryptocurrency may well reach them. However, based on technical analysis, it can be hard for bulls to break these barriers on March 13.
In the near future, bitcoin may trade in a new sideways range between the support zone of 58,340.66 - 59,517.79 and the resistance level of 61,759.10, which is also a historic high.
As for the record highs, there is an interesting tendency here if we draw resistance not by the shadows, but by the closing levels. The blue dotted level of 61,048.64 can already be considered as a key resistance level given that the price has tried to reverse from it over the last couple of days. Thus, to be more precise, the 61,048.64 - 61,759.10 range is seen as the resistance zone. In case of a breakout and consolidation above it, the upward trend may extend. So far, the targets are not clear. They will become more apparent after a breakout.
Now let us analyze the market situation as a whole. According to CoinMarketCap, the bitcoin dominance index fell to its lowest levels, unseen in two years. It is currently close to 54%. Thus, the market share of the world's top cryptocurrency is declining. Meanwhile, demand for altcoins is increasing.
During the weekend, Ethereum hit an all-time high although volatility and consolidation periods sometimes happened at the same time below this level. Binance coin also set another record and reached the level of $635 per coin.
According to BeInCrypto, it was the smallest increase in the value of bitcoin in comparison with other cryptocurrencies in the first quarter of 2021. Meanwhile, some altcoins grew sharply. For example, dogecoin skyrocketed by 863% in the first quarter of 2021, owing to Elon Musk. BNB soared by 610% and Cardano surged by 577%.
Comparing the bitcoin analysis with the above mentioned statistics, we can assume that market participants may shift their attention to cheaper coins for a while. The world's flagship cryptocurrency is expected to remain in the sideways corridors. Otherwise, a deeper correction may occur.
This is one of many possible scenarios. Alternatively, the upward trend may extend after a true breakout at the blue dotted level of 61,048.64 or if the price breaks through the 61,048.64 - 61,759.10 range and consolidates above it.
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