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

$24,500 keep hourly timeframes in check as gains for Bitcoin and Ethereum quickly fade.

Market Update

Bitcoin (BTC) returned to range resistance on August 17 amid continued concerns that a retracement was 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 hit $24,448 on Bitstamp, up 3.25% from the previous day's low before plunging to $600 less one hour.

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

Analyzing the scenario, veteran trader Peter Brandt observed 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.

Uploading 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".

"Auction liquidity is pretty thin, but that tends to change after support is lost," other comments said.

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

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