Traders could be waiting for Bitcoin to bounce off the $55,724 support opening positions in LTC, FET, MNT and AAVE.
Bitcoin (BTC) price has been reeling under selling pressure and is on target to fall by more than 9% this week. Bitcoin has consistently formed lower highs for the past few months, which is a negative sign. This brings the onus on the bulls to defend the support.
The markets are gearing up for a major catalyst in the form of a September rate cut by the United States Federal Reserve. The FedWatch Tool shows a 30% probability of a 50 basis point rate cut on Sep. 18. Some believe that if that happens, risk assets, including Bitcoin could rally.
Crypto market data daily view. Source: Coin360
