Bitcoin Crosses $87K00, Setting the Stage for an Altcoin Market Revival

Bitcoin has once again approached the $87,500 level with a solid daily gain of 3.3% at press time. As BTC nears its next resistance

Bitcoin price today showed a slight recovery with a 3.3% gain at press time, as the next resistance level for BTC is approaching.

What Happened: Bitcoin has once again approached the $87,500 level with a solid daily gain of 3.3% at press time. As BTC nears its next resistance, market participants are increasingly asking whether altcoins will finally catch up after extended periods of underperformance.

While Bitcoin showed a modest recovery during this period, the performance of altcoins has been mixed. Ethereum (CRYPTO: ETH) has shown strength, gaining 3.4% over the past 24 hours. However, other top 10 cryptocurrencies have failed to show similar upward movements.

Analyst Highlights Key Technical Breakout

Technical analyst The Wolf Of All Streets has highlighted an important point for Bitcoin. He mentioned that it’s “breaking through descending resistance from the all-time high.” The analyst emphasized that Bitcoin needs to rise above $88,804 to break the series of lower highs and lower lows.

Some analysts remain decisively bullish on altcoin prospects. Michaël van de Poppe predicts a potential altcoin revival independent of crypto-specific catalysts. “It’s all macrodriven, and I think that you are actually able to buy altcoins at current levels, which are able to do a 100x in a year,” Poppe mentioned.

Analyst Moustache points to technical patterns supporting a potential altcoin resurgence. Referencing the TOTAL3 chart, which tracks the total market capitalization excluding Bitcoin and Ethereum, the analyst identified what appears to be “a perfect retest (inverse head and shoulder pattern).”

He described it as “one of the most bullish patterns out there” and suggested that “the pain will soon come to an end” for altcoin holders.

Shifts in Market Sentiment

The historical Fear and Greed Index values provide important context for current market sentiment. The index has gradually moved over recent months from extreme fear to fear at press time. According to the data, it has increased from 27 a month ago to the current reading of 34. This sentiment cycle appears typical of cryptocurrency markets, where periods of fear often precede bullish reversals in crypto.

As Bitcoin is currently at the $87,000 level, altcoins haven't shown a strong comeback that could suggest it could be the beginning of the next altseason. If the overall market proves bullish, BTC, along with other coins, could experience a rally.

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Despite a slight recovery in Bitcoin price today, macroeconomic concerns and the potential for a broad-based cryptocurrency downturn are still present. In the past 24 hours, BTC showed a modest gain of 3.3%, bringing it to a price point of $86,464. On the other hand, Ethereum experienced a more significant rise of 3.4%, pushing its value to $2,708.

Among the top 10 cryptocurrencies, only Ethereum managed to show substantial gains. Among the remaining coins in the top 10 by market capitalization, covered by Web3 crypto news outlet TokenPocket, only Monero price today showed a minimal increase of 0.8%. The remaining coins, including Cardano, showed price decreases of up to 1.7% in 24 hours.

Bitcoin Breaking Through Descending Resistance

Technical analyst The Wolf Of All Streets highlighted a key point for Bitcoin, which is breaking through descending resistance from the all-time high.

The analyst noted that Bitcoin needs to rise above $88,804 to break the series of lower highs and lower lows. This would clear the way for a continuation of the bull market.

Some analysts remain bullish on altcoin prospects. Michaël van de Poppe predicts a potential altcoin revival independent of crypto-specific catalysts.

"It's all macro-driven, and I think that you are actually able to buy altcoins at current levels, which are able to do a 100x in a year."

Analyst Moustache points to technical patterns supporting a potential altcoin resurgence. Referencing the TOTAL3 chart, which tracks the total market capitalization excluding Bitcoin and Ethereum, the analyst identified what appears to be "a perfect retest (inverse head and shoulder pattern)."

He described it as "one of the most bullish patterns out there" and suggested that "the pain will soon come to an end" for altcoin holders.

Historical Fear and Greed Index Values Provide Context