Bitcoin has once again breached the $80,000 threshold, sparking debate among analysts regarding its next move. While some see this as a sign of renewed bullish momentum, others remain cautious. Meanwhile, several altcoins—including Binance Coin (BNB), Toncoin (TON), Gate Token (GT), and Cosmos (ATOM)—are showing signs of strength, potentially hinting at the onset of an altseason.

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Source: Coin360

Bitcoin’s Critical Resistance Levels

At the time of writing, Bitcoin is trading at around $83,409, struggling to break above its 200-day simple moving average (SMA) of $84,000. According to Bitget Research's chief analyst, Ryan Lee, a weekly close above $81,000 would indicate resilience from buyers. On the downside, if Bitcoin drops below $76,000, selling pressure could intensify.

Markus Thielen, head crypto researcher at 10x Research, noted that Bitcoin's price chart suggests indecision rather than a clear bullish pattern. However, Timothy Peterson, a Bitcoin network economist, remains optimistic, citing historical trends that indicate strong performances in April and October. He predicts a new all-time high for Bitcoin before June.

While Bitcoin’s price action remains uncertain, several altcoins are displaying bullish setups, fueling speculation about a potential altseason.

BNB has been in a recovery phase since March 11, bouncing from $507 to its current price of around $627. The key resistance level to watch is the 50-day SMA at $621. If BNB breaks above this level, it could rally toward $686. However, a failure to hold above the 20-day exponential moving average (EMA) at $595 could lead to a decline to $550.

Toncoin has surged from $2.35 on March 11 to $3.42, with the 50-day SMA at $3.64 acting as resistance. If the price holds above the 20-day EMA at $3.15, a breakout above $4 is likely, potentially extending to $5. However, a break below $3.15 could see the token revisiting $2.50.

Cosmos has moved above its 20-day EMA at $4.31, reducing bearish momentum. A close above $5.15 could trigger a rally to $6.50. Conversely, if ATOM falls below its support, a drop to $3.50 is possible.

Is an Altseason Incoming?

Altseason typically occurs when Bitcoin consolidates, allowing capital to flow into altcoins. Given that BNB, TON, GT, and ATOM are showing technical strength, investors are speculating whether altcoins are preparing for a strong breakout. However, Bitcoin’s price action remains a key determinant—if BTC experiences a sharp pullback, it could drag altcoins down with it.

Bitcoin’s battle around the $80,000 mark continues, with mixed signals from analysts. While some expect further consolidation, others foresee a new all-time high in the coming months. Meanwhile, altcoins are exhibiting bullish setups, fueling speculation about an impending altseason. Traders should keep an eye on key support and resistance levels as the market navigates this crucial phase.

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