Bitcoin News Today: Altcoins Await Bitcoin Breakout Above $120,000 Resistance Range

Altcoins remain in a precarious position as technical analysts highlight the critical need for Bitcoin to break through a key resistance range of $120,000 to $123,000 before the broader crypto market can see a meaningful shift in sentiment. Kevin, a closely watched technical analyst, has repeatedly emphasized that the weekly Bitcoin chart still shows signs of weakness, with momentum indicators lagging and resistance levels intact [1]. He argues that until Bitcoin clears this ceiling, altcoins are likely to continue underperforming and remain vulnerable to downward pressure.

Kevin’s analysis underscores the interconnected nature of the crypto market, where Bitcoin often sets the tone for altcoin performance. “This weekly BTC chart remains the most important chart out there for us to examine,” he wrote, adding that he would adopt a more bullish stance only once Bitcoin and Ethereum confirm a breakout above key levels [1]. His comments highlight the importance of price confirmation and momentum divergence as essential components of a sustainable bullish trend.

The broader altcoin market, represented by the Total2 index (excluding Bitcoin), is currently valued at $1.48 trillion [1]. However, Kevin warns against chasing optimism in the face of unresolved resistance, noting that the market has historically seen a shift in sentiment only after Bitcoin breaks through defined levels. He also points to the need for caution in the current macroeconomic environment, with the upcoming release of key data points such as Core PCE inflation figures potentially influencing the trajectory of both the stock and crypto markets [1].

Ethereum, for instance, is testing a local resistance level around $3,850. Analysts suggest that a sustained breakout could potentially push ETH toward $17,000 by 2026, but such a scenario hinges on Bitcoin stabilizing and showing signs of strength [3]. Similarly, Binance Coin (BNB) is being watched closely as an indicator of broader altcoin market health. A recovery in BNB could signal renewed investor confidence in non-Bitcoin assets [9].

Despite the cautious outlook, some traders are eyeing alternative tokens like Kaspa (KAS) and Remittix (RTX) as potential breakout candidates for 2025. However, these projects remain speculative in the absence of a broader market turnaround [8]. The overall sentiment among traders and analysts is one of conditional optimism—Bitcoin must demonstrate its strength before altcoins can follow suit.

Kevin also highlighted the volatility dynamics in the market, noting that recent sharp declines in Bitcoin’s volatility may precede a directional move [1]. A breakout is expected to occur only when both price resistance and the downtrending resistance on the weekly RSI are simultaneously breached. Until then, traders are advised to manage risk and avoid overexposure to altcoins.

With the next major data points expected in the lead-up to the September FOMC meeting, the market remains in a holding pattern. Traders are advised to remain vigilant and prepared for either a continuation of the current sideways trend or a sharp reversal depending on Bitcoin’s next move.

Sources:

[1] Altcoins Stay In Danger Zone Until Bitcoin Clears This Level (https://www.newsbtc.com/news/altcoins-stay-in-danger-zone-until-bitcoin-clears-this-level-analyst/)

[3] New Ethereum Price Prediction Targets $17K by 2026 (https://www.financemagnates.com/trending/new-ethereum-price-prediction-targets-17k-by-2026-could-eth-gain-as-much-as-350/)

[9] Binance Coin Trade Ideas — BINANCE:BNBUSD (https://www.tradingview.com/symbols/BNBUSD/ideas/?exchange=BINANCE)

[8] Will Dogecoin Reach $1 in 2025? These Two Explosive Altcoins May Get There First (https://www.msn.com/en-us/money/markets/will-dogecoin-reach-1-in-2025-these-two-explosive-altcoins-may-get-there-first/ar-AA1JvEzj?ocid=finance-verthp-feeds)