Bitcoin price suffers a firm rejection at $24.5K, as traders doubt its strength

In the midst of ongoing worries about a retracement, Bitcoin ( ) retreated to range resistance on Aug. 17.

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

Bitcoin bulls have not had any success

Data from Cointelegraph Markets Pro, TradingView revealed that BTC/USD hit $24,448 via Bitstamp. This is up 3.25% compared to the previous days’ low before dropping $600 in less than an hour.

Although the momentum picked up speed, the bulls were met with familiar resistance that kept them in check since mid June. The week’s gains to $25,000 and higher were brief, as they did not exceed a two-month price ceiling.

An analysis of the situation, Peter Brandt, a veteran trader, saw a rising wedge setup for Bitcoin, with $20,700 as its start point.

Material Indicators, an on-chain monitoring resource, was less convinced of the rally’s staying power.

Uploading A snapshot of Binance’s order book from Aug. 16. It captured the resistance that is preventing Bitcoins from sealing further gains.

Further comments were made.

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

The Crypto Trader Il Capo doubled down while a forecast that involved BTC/USD reached a maximum of $25,000. Before heading significantly lower, however, Trader Il Capo of Crypto.

Crypto Chase, a fellow trader, pointed out the underwhelming performance of BTC compared to stocks, particularly the S&P 500 since August.

“$ES has mostly met my prediction,” he wrote.

“$BTC, on the other side, is really struggling in a up-only S&P500(ES). Even a bear like myself expected more from BTC. This is a sign of how fragile crypto atm and why the big money prefers S&P500 to crypto atm.

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

Ether is reluctant to spend $2,000

Altcoins: Ether ( ETH) briefly surpassed the $2,000 mark for a moment before falling back in line with BTC.

Similar: Bitcoin traders expect new yearly lows following BTC’s rejection of $25K — Data disagrees

Dogecoin ( DOGE), the largest altcoin in market capital, had outperformed it. DOGE/USD gained more than 11% the day before cooling.

ETH/USD 1-hour candle chart (Binance). Source: TradingView

Trader Wolf nonetheless revealed a bull flag for Ether’s moving average convergence/divergence (MACD) indicator on weekly timeframes.

“There’s so many disbelief that this reversal is that I might increase my target from 2.5ks to 3.0ks,” he said in a subsequent tweet.

These views and opinions are the author’s and do not necessarily reflect those of You should do your research before making any investment or trading decision.

Opinion writer on 7trade7