Bitcoin Holds Key Level, Altcoins Continue to Surge

A technical analyst monitoring Bitcoin's chart believes that the cryptocurrency is currently helping to propel altcoins upwards. As long as Bitcoin stays above the $83,000 level, the trend could continue.

The bigger picture for Bitcoin since its low in July looks strong, with higher highs and higher lows indicating a possible upward move. The analyst is watching three resistance levels above: $88,600, $92,200, and $97,637.

If Bitcoin breaks below the $83,000 area, attention will shift to the next support zone instead. However, it's not yet clear if this is a genuine 'altcoin season' as the analyst notes that Bitcoin dominance, or how much of the total crypto market Bitcoin takes up compared to altcoins, is stuck moving sideways in a range.

The analyst is watching for a move back above $85,140 as a sign that buyers are firmly back in control. Support is expected between $81,600 and $82,937, tied to Bitcoin's old high from May.