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<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/news/crypto-market-today-bitcoin-price-rally-retreats-top-altcoins-follow-its-lead/">Crypto Market Today: Bitcoin Price Rally Retreats; Top Altcoins Follow Its Lead</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The cryptocurrency landscape experienced a roller-coaster ride this week. Initial optimism, sparked by regulatory developments, saw Bitcoin surge by 7%, only for it to backtrack, dragging other major tokens down with it.</p> 
<h2 id="a-short-lived-boost-from-a-regulatory-victory" data-name="a-short-lived-boost-from-a-regulatory-victory" class="wp-block-heading"><strong>A Short-lived Boost from a Regulatory Victory</strong></h2> 
<p>Earlier in the week, the crypto market lit up with optimism as a U.S. federal appeals court directed the Securities and Exchange Commission to reconsider its refusal of a bid that could potentially convert the Grayscale Bitcoin Trust into an exchange-traded fund. The hopeful environment nudged Bitcoin’s price to nearly touch $28,143, a peak it hadn’t reached in close to a fortnight. Yet, the high didn’t hold.</p> 
<p>The aftershock of Bitcoin’s fleeting rally was evident across the digital asset spectrum. Major tokens like XRP (XRP) and Solana (SOL) experienced a decline, registering over 5% dips from their Tuesday highs. At the time of writing, Bitcoin’s price stands at $27,170, dropping from its recent zenith of $27,900.</p> 
<h2 id="analyzing-bitcoins-price-movements" data-name="analyzing-bitcoins-price-movements" class="wp-block-heading"><strong>Analyzing Bitcoin’s Price Movements</strong></h2> 
<p>Despite its recent spike, Bitcoin closed its daily trading above two essential moving averages. However, this hasn’t translated into solid intraday support. The uncertainty left market observers treading carefully.</p> 
<p>Bitcoin’s sharp upswing on August 29 hinted at the likelihood of its price fluctuating between $24,800 and $31,000 in the coming days. Now, as the 20-day exponential moving average stabilizes around $27,160, and the relative strength index hovers just below the midpoint, it suggests a weakening selling pressure.</p> 
<h2 id="bulls-and-bears-the-ongoing-tussle" data-name="bulls-and-bears-the-ongoing-tussle" class="wp-block-heading"><strong>Bulls and Bears: The Ongoing Tussle</strong></h2> 
<p>Market bulls will likely be on the defensive, guarding the breakout threshold of $26,833. Holding this ground will indicate their control, possibly pushing Bitcoin towards the 50-day simple moving average of $28,600, and potentially further towards $31,000.</p> 
<p>On the flip side, if the bears manage to bring the price under $26,833, it might signify their dominant position, leveraging every rally attempt. In such a scenario, Bitcoin might once again approach the solid support base of $24,800.</p>

Crypto Market Today: Bitcoin Price Rally Retreats; Top Altcoins Follow Its Lead

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