Bitcoin at $83,000: Key Support Level for Altcoin Rally

A technical analyst is watching Bitcoin's performance closely, as its price struggles to stay above $83,000. According to the expert, this level has been a crucial support for many altcoins, which have been breaking out almost daily.

The bigger picture looks strong for Bitcoin, with higher highs and higher lows since its low in July. However, if it breaks below the $83,000 area, attention will shift down to the next support zone.

Despite some altcoins performing well, the analyst warns that it's too early to call this a full-blown 'altcoin season'. This would be confirmed by Bitcoin dominance falling below 58%, which has been stuck in a sideways range.