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

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Bitcoin (BTC) returned to range resistance on August 17 amid persistent fears that a correction is imminent.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
No success for bitcoin bulls
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching $24,448 on Bitstamp, up 3.25% from the previous day’s low before diving $600 in less than an hour.

Momentum picked up speed today, but the bulls encountered familiar resistance at levels that have kept them broadly in check since mid-June. Last week’s trips to $25,000 and beyond remained short breakouts beyond the two-month price ceiling.

Analyzing the scenario, veteran trader Peter Brandt looked to set up a rising wedge in advance for Bitcoin with $20,700 as a starting point.

Material Indicators were less convinced of the viability of the current rally.

Uploading a snapshot of Binance’s order book on August 16, he grabbed the resistance now preventing Bitcoin from locking in further gains, adding that the setting “looks like previous local tops.”

“The liquidity of the bid is rather weak, but this tends to change after the loss of support,” said other comments.

BTC/USD (Binance) order book chart. Source: Material Indicators / Twitter
Meanwhile, Crypto Trader Il Capo doubled his forecast that includes BTC/USD to reach a maximum of $25,500 before heading significantly lower.

Fellow trader Crypto Chase notes BTC’s disappointing performance against stocks, specifically the S&P 500, since July.

He wrote: “$ES has mostly fulfilled my expectations”:

On the other hand, BTC dollar is struggling with only the S&P500 (ES) rallying. Even a bear like me expected more BTC. I think this speaks volumes about how weak the crypto is and that big money would definitely prefer the S&P500 over ATMs. ”

BTC/USD vs S&P 500 mini futures 1 day candlestick chart. Source: TradingView
Ether is off $2000
On altcoins, Ether (ETH) briefly reached within $50 of $2000 again before reversing lower with BTC.

RELATED: Bitcoin Traders Expect New Yearly Lows After $25,000 BTC Rejection – Data Inconsistent

Dogecoin (DOGE) the previous day outperformed the largest cryptocurrency by market capitalization, with DOGE/USD gaining over 11% the day before the cooldown.

ETH/USD candlestick chart (Binance). Source: TradingView
Trader Wolf however revealed a bullish flag for the Moving Ether Convergence Divergence (MACD) indicator on the weekly time frames.

“There is so much disbelief in this reversal that I might even raise my goal from 2.5 to 3.2 seconds,” he added in a subsequent Twitter post that day.

The opinions and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.

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