After trading near the $20,000 level for several days, Bitcoin 

BTC

$16,936

 turned down sharply and dropped below $19,000 on Sept. 6. The fall was not limited to the cryptocurrency markets as the United States equities markets also closed lower on Sept. 6.

Risky assets have been facing selling pressure in the past few days as investors are worried that the Federal Reserve could continue with its aggressive tightening policy. 

The CME FedWatch Tool shows that the probability for a 75 basis point rate hike in the September meeting has risen to 80% from 69% a week back. This extended the rise in the U.S. dollar index (DXY), which closed above 110 on Sept. 6.

The U.S. equities markets and the cryptocurrency markets are attempting a relief rally on Sept. 7 but the recovery is likely to sustain only after the DXY shows signs of topping out.

Although the bear market has been brutal, it is an encouraging sign to see that venture capital firms have continued to plow money into cryptocurrency and blockchain companies. According to a KPMG report released on Sept. 6, the total investments in the first half of 2022 by these firms hit $14.2 billion, which comes after the record $32.1 billion investments made in 2021.

What are the critical overhead resistances in Bitcoin and altcoins that need to be crossed for the bullish momentum to pick up? Let’s study the charts of the top-10 cryptocurrencies to find out.