Scroll to read more

The United States equities markets and the cryptocurrency markets had been rising leading up to the Sept. 13 release of the August Consumer Price Index data, but the rally fell apart once the data showed inflation rising, rather than falling.

The negative data dashed any hope of a Federal Reserve pivot in the near term and it triggered a sharp decline in risky assets. The market capitalization of U.S. stocks plunged by about $1.6 trillion on Sept. 13 and the market cap of the cryptocurrency markets slipped below $1 trillion.

Daily cryptocurrency market performance. Source: Coin360

Statistician and independent market analyst Willy Woo believes that Bitcoin (BTC) may have to fall further before it reaches the maximum pain experienced during previous bottoms. Woo expects Bitcoin price to decline below $10,000.

Could Bitcoin and altcoins resume their downtrend? Let’s study the charts of the top 10 cryptocurrencies to find out.