Bitcoin is trying to stay above the $83,000 level, and according to a technical analyst tracking the chart, this is actually working out well for many altcoins. Almost every day right now, a different altcoin is breaking out. Today saw a few small pullbacks, but nothing serious. As long as Bitcoin holds above this level, that trend could keep going.
Bitcoin’s Bigger Picture Still Looks Strong
Looking at the bigger trend since Bitcoin’s low back in July, the analyst says Bitcoin has already met the basic requirements of a strong upward move, meaning price has been making higher highs and higher lows. If this move stretches a bit further, he’s watching three resistance levels above, $88,600, $92,200, and $97,637.
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But he was clear about one important thing. If Bitcoin breaks clearly below the $83,000 area, not just a brief dip, but a real, confirmed break, that would shift attention down to the next support zone instead.
Why This Isn’t Quite “Altcoin Season” Yet
Even though some altcoins are performing really well right now, the analyst says it’s too early to call this a full-blown altcoin season. He’s watching something called Bitcoin dominance, basically how much of the total crypto market Bitcoin takes up compared to altcoins.
Right now, that number is stuck moving sideways in a range, not clearly falling. If Bitcoin dominance does eventually drop below 58%, he says that would be the real signal that a genuine altcoin rally has started. Until then, what we’re seeing is more like scattered strength in individual altcoins, not the whole market moving together.
The Exact Levels Traders Are Watching
On the shorter-term chart, the analyst is watching a support zone between $81,600 and $82,937, an area tied to Bitcoin’s old high from back in May. Price briefly dipped just below this zone earlier in the week, but buyers quickly stepped back in, which he says shows this support is still holding strong rather than breaking down.
He explained what a real, meaningful breakdown would actually look like: either Bitcoin breaks support and then keeps trading below it, or it breaks support, bounces back briefly, and then breaks down again. A quick dip followed by an immediate recovery, like what happened this week, doesn’t count as a real breakdown.
On the upside, he’s watching for a move back above $85,140 as a sign that buyers are firmly back in control, with resistance expected between $85,140 and $86,960.