Nonfarm payrolls rose by 315,000 jobs in August, down from the July increase of 526,000 jobs. The report was just below the Dow Jones estimate of 318,000 jobs and the slowest monthly gain since April 2021. The S&P 500 rose in response to the report, but later erased its gains, indicating that bears continue to sell on rallies.

That may be because the U.S. dollar index (DXY), which had retreated from its Sept.1 20-year high, recovered part of its losses. The bears will have to pull the DXY lower to boost prices of stocks and the cryptocurrency markets as both are usually inversely correlated with the dollar index.

Daily cryptocurrency market performance. Source: Coin360

Although Bitcoin (BTC) has dropped more than 70% from its all-time high of $69,000, several traders have held on to their position. Data from trading analysis platform TipRanks shows that 62% of wallets have held Bitcoin for a year or more. The number of wallets holding Bitcoin for less than a month is only 6%. This suggests that investors are taking a long-term approach and holding on to their positions.

Could bulls push Bitcoin and altcoins above the overhead resistance levels? Let’s study the charts of the top-10 cryptocurrencies to find out.