Bitcoin and select altcoins continue to face selling at higher levels, which is proof that investor sentiment remains negative as traders continue to sell on rallies.

Bitcoin bulls are fighting to hold the $20,000 level and several altcoins have seized upon the range-bound trading by rallying up to 10%.

Bitcoin’s technical setup leans toward an additional downside, leading some traders to exit altcoins, which are struggling at overhead resistance levels.

Crypto traders expect a range expansion once the Jackson Hole symposium is complete and the Fed’s perspectives on inflation, interest rate hikes and the health of the economy are made public.

Bitcoin and altcoins followed stocks lower after hawkish statements from the Federal Reserve confirmed that the central bank remains serious about reducing inflation.