Bears rejoice as Bitcoin sees firm rejection at $24.5K. Will this cause another downtrend, or are we out of the woods?
The momentum gained speed on the day, but the bulls faced familiar resistance at levels keeping them broadly in check since mid-June. The past week’s trips to $25,000 and beyond remained brief breakouts beyond a two-month price ceiling.
the scenario, veteran trader Peter Brandt eyed a rising wedge setup in progress for Bitcoin with $20,700 as its starting point. On-chain monitoring resource Material Indicators was less convinced about the staying power of the current rally.a snapshot of the Binance order book on Aug. 16, it captured the resistance now preventing Bitcoin from sealing further gains, adding that the setup “resembles prior local tops.”
“Bid liquidity is kind of thin, but that tends to change after support is lost,” further comments stated.Trader Il Capo of Crypto, meanwhile,Fellow trader Crypto Chase flagged underwhelming BTC performance versus stocks, specifically the S&P 500 since July.”$BTC on the other hand is truly struggling amidst an up-only S&P500 . Even a bear like me expected much more from BTC.
On altcoins, Ether briefly came within $50 of the $2,000 mark once more before reversing lower in step with BTC.
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