The Federal Reserve did not hike interest rates in its meeting on Sep. 20 but hinted that rates could remain higher for longer. At the post-meeting press conference, Fed Chair Jerome Powell cautioned that “the process of getting inflation sustainably down to 2% has a long way to go.”

This possible scenario may have triggered the sell-off in the United States equities markets and also in the cryptocurrency space. Risk assets typically tend to underperform in a high-interest-rate environment.

While the S&P 500 is down more than 2% and the Nasdaq about 3% this week, Bitcoin (BTC) has a remained flat.

Daily cryptocurrency market performance. Source: Coin360

The altcoins have been unable to hold on to their intra-week gains due to a risk-off sentiment. Still, an encouraging sign is that Bitcoin and the major altcoins have largely managed to stay above their crucial support levels. The price action over the next few days is critical as it is likely to witness a tough battle between the bulls and the bears.

Will bears seize the initiative and drag Bitcoin and the major altcoins lower or could buyers regroup and push prices higher? Let’s study the charts of the top 10 cryptocurrencies to find out.