Bitcoin (BTC) price has been 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 at $55,724.

The markets are gearing up for a major catalyst in the form of a September rate cut by the United States Federal Reserve. Some believe that if a 50 basis point rate cut happens, risk assets, including Bitcoin, could rally. However, in the meantime, Bitcoin's weakness has hurt the overall sentiment in the crypto sector.

Several altcoins have given back their recent gains, and some have turned lower, indicating a lack of demand from buyers. Only a handful are showing promise of a recovery in the near term, including Litecoin (LTC), Fetch.AI (FET), Moonriver (MNT), and Aave (AAVE). Traders could be waiting for Bitcoin to bounce off the $55,724 support before opening positions in these altcoins.

Source: https://cointelegraph.com/news/bitcoin-remains-pinned-below-60-000-but-ltc-fet-mnt-and-aave-show-promise

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