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HomeCryptocurrencyBitcoin price sees firm rejection at $24.5K as traders doubt strength

Bitcoin price sees firm rejection at $24.5K as traders doubt strength

Bitcoin (Bitcoin) returned to range resistance on Aug. 17 amid ongoing fears of an imminent retracement.

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

No Success for Bitcoin Bulls

data from Cointelegraph Market Pro When TradingView BTC/USD Hits $24,448 On Bitstamp, previous day’s low Before diving $600 in less than an hour.

Momentum picked up on the day, but the bulls faced familiar resistance, reaching generally subdued levels since mid-June. His trip to over $25,000 last week was only a brief breakout above the two-month price cap.

under analysis In this scenario, veteran trader Peter Brandt noted that Bitcoin’s rising wedge setup is underway, starting at $20,700.

On-chain monitoring resource Material Indicators was less confident about the current rally’s staying power.

Uploading A snapshot of Binance’s order book on Aug. 16 caught a resistance and prevented Bitcoin from capping any further gains, adding that the setup was “similar to previous local tops.”

“Liquidity in bidding is somewhat thin, but tends to change after support is lost,” further commented.

BTC/USD Orderbook Chart (Binance). Source: Material Indicators/ Twitter

Meanwhile, Crypto trader Il Capo said: doubled Based on our prediction that BTC/USD will hit the $25,500 max and then drop significantly.

Fellow trader Crypto Chase has flagged BTC’s underwhelming performance against stocks, especially the S&P 500, since July.

“$ES has pretty much met my expectations,” he said. I have written:

Meanwhile, $BTC is really struggling amid the S&P500 (ES) only rally. Even bears like me expected more from BTC. I think this speaks to how fragile cryptocurrencies are still. That big money definitely prefers the S&P500 to cryptocurrency ATMs. ”

BTC/USD vs S&P 500 Mini Futures 1-day candlestick chart.Source: Trading View

Ether moves away from $2,000

In altcoins, Ether (ethereum) briefly fell within $50 of the $2,000 mark before falling in line with BTC.

Related: Bitcoin Traders Expect New Annual Lows After BTC’s $25,000 Rejection — Data Disagree

The largest altcoin by market capitalization is Dogecoin (Doge) Day before, DOGE/USD rises above 11% on the eve of cooling.

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

still trader wolf clearly Bullish flag for the weekly timeframe of the Ether Moving Average Convergence/Divergence (MACD) indicator.

“There are so many incredible things about this reversal that we may raise our target from 2.5ks to 3.2ks,” he said. Added In a subsequent Twitter post that day.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. All investment and trading movements involve risk. You should do your own research when making a decision.