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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Drags Total Crypto Market Cap Back Below Key Level as Altcoins Shine

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
bitcoin altcoins crypto drag moving average

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Last week’s explosion in growth across Bitcoin and the altcoin market caused the total cryptocurrency market cap to all break above the 200-day moving average – an important level that smart money often trades based on.

However, Bitcoin has failed to hold above the same moving average and may have dragged the total crypto market back below the critical indicator.

Total Crypto Market Fails To Hold Above 200-Day Moving Average

Last week, various altcoins across the cryptocurrency market broke through downtrend resistance, causing them to go on massive rallies alongside Bitcoin with gains of 40% or more over the last 30 days.

Related Reading | Ready for Liftoff: Altcoin Market Cap Breaks Out of Downtrend

The total aggregate of capital the buying frenzy caused added over $25 billion to the overall altcoin market cap and caused the price to burst through the 200-day moving average.

total crypto market price chart

The 200-day moving average is a line calculated using the price of an asset over the last 40-week’s worth of trading sessions, providing traders with a look at the long-term health of the asset.

When price is trending above the moving average, it’s seen as bullish, and the reverse is true if price is trading below it.

The recent break of the altcoin market above the 200-day moving average is significant to smart money and institutional investors who may see the signal as a time to start buying crypto again.

The rise of altcoins also helped carry Bitcoin to a new local high and pushed the overall total crypto market cap over the 200-day moving average as well.

However, after five daily closes above the 200-day moving average on the total crypto market chart, price has now fallen back below it for two consecutive daily closes.

altcoin market cap price chart total2

bitcoin usd price chart

Is Bitcoin Responsible for Dragging Altcoins Down?

When comparing the location of the 200-day moving average of altcoins versus Bitcoin, it’s clear to see that Bitcoin could be the cause of the overall crypto market falling back below the important indicator.

As can be seen on Bitcoin’s price chart above, the largest cryptocurrency by market cap couldn’t close not even one full day above the 200-day moving average, leaving behind a nasty looking wick into it.

Bitcoin’s inability to break through the 200-day moving average as altcoins have could be a sign that the bear market isn’t actually over.

Another theory is that bearish sentiment surrounding Bitcoin could be keeping altcoins at bay, much like bearish sentiment in the altcoin market caused Bitcoin’s 2019 rally to top.

Related Reading | Altcoin Market Bottoms With Highest Buy Volume in Crypto History

Until the total crypto market breaks over the 200-day moving average and holds, with Bitcoin leading the charge, altcoins and the rest of crypto may have more crypto winter to suffer through before a bull market finally returns.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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