The price action in Bitcoin, altcoins and stocks reflects investors’ anxiety over the Fed’s rate hike plans, a weakening bear market rally and this week’s Jackson Hole economic symposium.
Bitcoin and altcoins sold-off sharply on Aug. 19, leading technical traders to forecast a possible drop to new yearly lows.
Bitcoin and altcoins met selling at key overhead resistance levels and investors are unsure whether traders will buy the current dip.
Bitcoin and many altcoins are carving out bottoming patterns as sentiment across the crypto and equities markets continues to improve.
After Aug. 10’s neutral CPI print, Bitcoin and altcoins are attempting to flip stiff overhead resistance levels to support in order to prepare for the next leg up.