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

BTC/USD 1-hour candle light charts (Bitstamp). Source: TradingView

Bitcoin (BTC), which was previously at range resistance, went back to that level on Aug. 17, in the middle of continuing concerns about a retracement.

Bitcoin bulls have not had any success

Peter Brandt, a veteran trader, saw a rising wedge setup for Bitcoin that was in progress with $20,700 being its starting point.

Trader Wolf nevertheless revealed a bull flag for Ethereums moving typical convergence/divergence (MACD) sign on weekly timeframes.

Crypto Chase, a fellow trader, mentioned the underwhelming efficiency of BTC compared to stocks, especially the S&P 500 considering that August.

Information from TradingView and Cointelegraph Markets Pro showed that BTC/USD hit $24,448 on Bitstamp. This was up 3.25% over the previous days low, prior to dropping $600 in less than an hour.

Momentum gained ground, but bulls were faced with familiar resistance at levels that kept them in check considering that mid June. The weeks gains to $25,000 and higher were brief, as they did not exceed a two-month cost ceiling.

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

Crypto trader Il Capo doubled down on a forecast that included BTC/USD, reaching a maximum of $25,000 before heading lower.

He wrote, “$ ES has mainly satisfied my prediction.”

Related: Bitcoin traders expect brand-new lows in the year after BTCs rejection of $25K– Data disagrees.

Ethereum (ETH), a cryptocurrency, briefly approached $50 of the $2,000 mark prior to reversing lower with BTC.

More comments were made.

BINANCE: ETH/USD 1-hour candle charts Source: TradingView.

Ethereum declines $2,000.

$ BTC, on the other side, is really struggling in the middle of an up-only S&P 500( ES). Even a bear like myself anticipated more from BTC. This is a sign of how delicate crypto is, and why the big money chooses S&P 500 to crypto atm.

It submitted a picture from the Binance order books on Aug. 16 and captured the resistance now that Bitcoin is not able to seal more gains.

Material Indicators, an on-chain tracking resource, was less persuaded of the rallys staying power.

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He included, “Theres so many disbelief that this turnaround is that I may increase my target from 2.5 ks to 3.0 ks,” in a later Twitter post.

Dogecoin (DOGE), the biggest altcoin market cap, had actually outperformed Dogecoin (DOGE), the day previously. DOGE/USD gained more than 11% the day before cooling.

BTC/USD vs. S&P 500 small futures 1-day candle chart. Source: TradingView

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