Nonfarm payrolls increased by 315,000 jobs in August, down from 526,000 jobs in July. The report was 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 pared the gains, indicating that bears will continue to sell on rallies.

That’s because the US dollar index (DXY), which retreated from a 20-year high on September 1, has recovered some of its losses. Both are often inverse to the dollar index, so bears should push the DXY lower to boost the value of the stock and cryptocurrency markets.

Daily cryptocurrency market performance. Source: Coin 360

Although Bitcoin (BTC) has fallen more than 70% from its peak of $69,000, many traders have maintained their positions. Data from business analytics platform TopRanks shows that 62% of wallets have held Bitcoin for a year or more. In less than a month, the number of wallets holding Bitcoin is only 6%. This indicates that investors are taking a long-term approach and holding their positions.

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