Following the incredibly bearish selloff witnessed by Bitcoin and the aggregated crypto market yesterday, buyers have stepped up and supported the markets, allowing BTC and most other altcoins to put some distance between their recent lows.<\/p>\n
The market\u2019s ability to establish some strong support above its recent lows seems to suggest that the ongoing selloff may ultimately prove to be fleeting, as BTC is now inching back up to the $9,000 region.<\/p>\n
In spite of this, an interesting phenomenon that is currently occurring on Bitcoin\u2019s 6-hour candle\u2019s volume seems to suggest that bears are still in firm control.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up just under 2% at its current price<\/a> of $8,850, which marks a notable climb from recent lows of $8,500 that were set at the bottom of yesterday\u2019s intense selloff.<\/p>\n This ongoing downtrend was first sparked this past Sunday when Bitcoin faced a strong rejection at $10,000, which subsequently led the cryptocurrency to plummet to its key support at $9,500.<\/p>\n The drop below this level catalyzed a sharp downwards movement that sent shockwaves<\/a> throughout the aggregated market and led the crypto to confirm a highly bearish technical pattern.<\/p>\n Veteran trader Peter Brandt spoke about this technical pattern in a recent tweet, pointing to a chart showing that BTC could plummet towards its support below $8,000 due to a bear-favoring head and shoulders pattern that it formed.<\/p>\n \u201cThe fact that BTC could not rally in the face of the advance by Gold prices and drop in equities was a tell,\u201d he noted.<\/p><\/blockquote>\n The fact that BTC could not rally in the face of the advance by Gold prices and drop in equities was a "tell" pic.twitter.com\/GpCiXjB5cD<\/a><\/p>\n — Peter Brandt (@PeterLBrandt) February 26, 2020<\/a><\/p><\/blockquote>\n\n