It has been a turbulent past couple of weeks for the crypto markets, with Bitcoin and many other altcoins rallying to fresh 2020 highs just a few weeks ago before meeting insurmountable resistance that has sparked an intense downtrend.<\/p>\n
Now, one analyst is noting that the aggregated crypto market could be nearing a \u201cmake or break\u201d level that sets the tone for where the markets will trend in the months ahead.<\/p>\n
If the markets are rejected at a key level that lies slightly below their current level, it could spark an intense selloff that leads Bitcoin and most major altcoins to see intense selloffs.<\/p>\n
Bitcoin\u2019s intense downtrend seen throughout the past week or so has had devastating impacts on the crypto market<\/a>, leading most major altcoins to cut significantly into the gains they incurred throughout their intense 2020 uptrends.<\/p>\n Bitcoin, which recently set year-to-date highs at $10,500, is currently trading at $8,600, only climbing slightly from its recent lows of $8,400.<\/p>\n This decline has been seen amongst most major altcoins<\/a>, which have been severely underperforming BTC throughout the past several weeks.<\/p>\n The damage this downtrend has caused the market grows clear while looking at the aggregated cryptocurrency market capitalization<\/a>, which has shed nearly $60 billion from its monthly highs of over $300 billion.<\/p>\n Crypto Micha\u00ebl, a prominent cryptocurrency analyst and trader, explained in a recent tweet that the market cap is currently approaching its 21-week and 200-day moving average around $230 billion, which is a key support level that must be ardently defended.<\/p>\n If bulls are able to defend this level, Micha\u00ebl notes that the market could rally up towards their 2020 highs at $300 billion. A drop below this level, however, could catalyze a sharp downwards movement to $190 billion.<\/p>\n \u201cCrypto total market capitalization approaching the 21-Week MA and the 200-Day MA. Both are lining up around $230-235 billion. Holding that and we could make a new S\/R flip & target $300 billion again. Dropping below and I’d look for $190 billion,\u201d he noted.<\/p><\/blockquote>\n $BTC<\/a> #BITCOIN<\/a> #CRYPTO<\/a><\/p>\n Total market capitalization approaching the 21-Week MA and the 200-Day MA.<\/p>\n Both are lining up around $230-235 billion. Holding that and we could make a new S\/R flip & target $300 billion again.<\/p>\n Dropping below and I'd look for $190 billion. pic.twitter.com\/9Mbh3T7BAO<\/a><\/p>\n — Micha\u00ebl van de Poppe (@CryptoMichNL) March 1, 2020<\/a><\/p><\/blockquote>\nMarkets Could Soon Rally to Yearly Highs, but it All Hinges on This Level<\/strong><\/h2>\n
\n