Bitcoin price sees firm rejection at $24.5,000 as traders doubt its strength

bitcoin ( BTC ) returned to range resistance on Aug. 17 amid lingering fears that a retracement is imminent. BTC/USD 1 hour candle chart...

bitcoin (BTC) returned to range resistance on Aug. 17 amid lingering fears that a retracement is imminent.

BTC/USD 1 hour candle chart (Bitstamp). Source: Trading View

No Success for Bitcoin Bulls

Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD reached $24,448 on Bitstamp, up 3.25% from the yesterday’s low before sinking $600 in less than an hour.

Momentum picked up on the day, but the bulls faced familiar resistance at levels that have kept them largely in check since mid-June. Last week’s trips to $25,000 and beyond remained brief breakouts beyond a two-month price cap.

Analyzing In the scenario, veteran trader Peter Brandt envisioned an ongoing rising wedge setup for Bitcoin with $20,700 as a starting point.

On-chain watch resource Material Indicators was less convinced of the resistance of the current rally.

Download In a snapshot of Binance’s order book on August 16, he captured resistance now preventing Bitcoin from sealing further gains, adding that the pattern “looks like previous local highs.”

“Offer liquidity is a bit thin, but that tends to change after support is lost,” other comments said.

BTC/USD order book chart (Binance). Source: Materials Indicators/Twitter

Crypto Trader Il Capo Meanwhile double on a prediction involving BTC/USD hitting a high of $25,500 before dropping significantly.

Fellow Crypto trader Chase reported a disappointing performance of BTC against stocks, particularly the S&P 500 since July.

“$ES largely fulfilled my prediction,” he said. wrote.

$BTC, on the other hand, is in real trouble amidst a bull-only S&P500 (ES). Even a bear like me expected a lot more from BTC. I think this shows how weak the crypto is still and that the big bucks definitely prefer the S&P500 over ATM crypto.

BTC/USD vs S&P 500 mini 1-day candle chart. Source: Trading View

Ethereum Avoids $2,000

On altcoins, Ethereum (ETH) briefly dipped back within $50 of the $2,000 mark before reversing lower in time with BTC.

Related: Bitcoin Traders Predict New Yearly Lows After BTC’s $25,000 Rejection – Data Disagree

The largest altcoin by market capitalization had been eclipsed by Dogecoin (DOGE) the day before, DOGE/USD gaining more than 11% the day before the cooling.

ETH/USD 1 hour candle chart (Binance). Source: Trading View

Trader Wolf anyway revealed a bullish flag for Ethereum’s Moving Average Convergence/Divergence (MACD) indicator on weekly timeframes.

“There is so much disbelief in this reversal that I might increase my target from 2.5k to 3.2k,” he said. added in a later Twitter post the day.

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