In turbulent flows, energy production is associated with highly organized structures, known as coherent structures. Since these structures are three dimensional, their detection remains challenging in the most common situation in experiments, when single-point temporal measurements are considered. While previous research on coherent structure detection from time series employs a thresholding approach, either in spectral or temporal domain, the thresholds are ad hoc and vary significantly from one study to another. To circumvent this issue, we introduce the level-crossing method and show how specific features of a turbulent time series associated with coherent structures can be objectively identified, without assigning a priori any arbitrary threshold. By using two wall-bounded turbulence time-series datasets (at a Reynolds number of 104), we successfully extract through level-crossing analysis the impacts of coherent structures on turbulent dynamics and therefore open an alternative avenue in experimental turbulence research. By utilizing this framework further, we discover a metric, characterized by a statistical asymmetry between the peaks and troughs of a turbulent signal, to quantify inner-outer interaction in wall turbulence. Most importantly, through phase-randomized surrogate data modeling, we demonstrate that the level-crossing statistics are quite sensitive to the nonlinear dependencies in a turbulent signal. Physically, this finding implies that the large-scale coherent structures modulate the near-wall turbulent dynamics through a nonlinear interaction associated with low-speed streaks, a mechanism not identifiable from spectral analysis alone. Moreover, a connection is established between extreme value statistics and level-crossing analysis, thereby allowing additional possibilities to study extreme events in other dynamical systems.