It\u2019s no secret that the past couple of weeks have been quite negative for Bitcoin and the aggregated crypto market, with many major altcoins incurring intense downtrends that have erased a significant amount of gains incurred throughout the first couple of months in 2020.<\/p>\n
Most major cryptocurrencies, however, are now nearing critical support levels that could catalyze an intense relief rally.<\/p>\n
These levels also seem to coincide with a massive pennant that that total crypto market cap has been caught within, leading one analyst to note that the market could be preparing for \u201csomething huge.\u201d<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down marginally at its current price<\/a> of $8,730, which marks a notable climb from daily lows of $8,400 that were set when bears attempted to catalyze an intense selloff overnight.<\/p>\n Bulls were able to step up and absorb the majority of this selling pressure, subsequently allowing BTC to reclaim its key support level at $8,700.<\/p>\n This BTC volatility led the aggregated crypto market to move in tandem, with many major altcoins posting decisive bounces from their daily lows.<\/p>\n Crypto Micha\u00ebl \u2013 a prominent cryptocurrency trader and former full-time trader at the Amsterdam Stock Exchange \u2013 spoke about the markets in a recent tweet, explaining that he is anticipating BTC and major altcoins to drop slightly further before they find intense support.<\/p>\n \u201cIf the markets make one more further drop south (and we lose these levels), I\u2019d be watching 190-195$ for $ETH and $7,500-7,700 for $BTC. Think we also should see some relief in the equities markets after such a terrific week,\u201d he explained.<\/p><\/blockquote>\n If the markets make one more further drop south (and we lose these levels), I\u2019d be watching 190-195$ for $ETH<\/a> and $7,500-7,700 for $BTC<\/a>.<\/p>\n Think we also should see some relief in the equities markets after such a terrific week.<\/p>\n — Micha\u00ebl van de Poppe (@CryptoMichNL) February 28, 2020<\/a><\/p><\/blockquote>\n\n