Price Analysis 8/26: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, MATIC

Bitcoin and altcoins trailed stocks lower after hawkish statements from the Federal Reserve confirmed the central bank was still serious about reducing inflation.

Price analysis

Federal Reserve Chairman Jerome Powell has warned that the central bank will continue to use “forceful tools” to bring down inflation, which is near its highest level in 40 years. He warned that the restrictive policy could remain for some time and warned that it could "suffer households and businesses".

US stock markets reacted negatively to Powell's comments, with the Dow Jones Industrial Average falling more than 600 points. Cryptocurrency markets also saw heavy selling with Bitcoin (BTC) and most altcoins threatening to fall below their immediate support levels.

Daily performance of the cryptocurrency market. Source: Coin360

In addition to an unfavorable macro environment, Bitcoin's historical data for September also presents a negative picture. According to data from CoinGlass, Bitcoin saw an average drop of 6% in September, and with the exception of 2015 and 2016, the month produced negative returns for investors between 2013 and 2021.

Could Bitcoin and major altcoins remain weak in the near term? Let's study the charts of the top 10 cryptocurrencies to find out.

BTC/USDT

Bitcoin's slight bounce off the ascending channel support line indicates that the bulls are cautious at higher levels. The 20-day descending exponential moving average (EMA) ($22...