Bitcoin (BTC<\/a>) returned to range resistance on Aug. 17 amid ongoing concerns that a retracement is imminent.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD hitting $24,448 on Bitstamp, up 3.25% from the previous day\u2019s low<\/a> before diving $600 in under an hour.<\/p>\n 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\u2019s trips to $25,000 and beyond remained brief breakouts beyond a two-month price ceiling.<\/p>\n Analyzing<\/a> the scenario, veteran trader Peter Brandt eyed a rising wedge setup in progress for Bitcoin with $20,700 as its starting point.<\/p>\n On-chain monitoring resource Material Indicators was less convinced about the staying power of the current rally.<\/p>\n Uploading<\/a> 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 \u201cresembles prior local tops.\u201d<\/p>\n \u201cBid liquidity is kind of thin, but that tends to change after support is lost,\u201d further comments stated.<\/p>\n Trader Il Capo of Crypto, meanwhile,\u00a0doubled down<\/a> on a forecast involving BTC\/USD reaching a maximum of $25,500 before heading significantly lower.<\/p>\n Fellow trader Crypto Chase flagged underwhelming BTC performance versus stocks, specifically the S&P 500 since July.<\/p>\n \u201c$ES has mostly fulfilled my prediction,\u201d he wrote<\/a>:<\/p>\n \u201d$BTC on the other hand is truly struggling amidst an up-only S&P500 (ES). Even a bear like me expected much more from BTC. I think this speaks to how weak crypto still is and that big money most certainly prefers S&P500 over crypto atm.\u201d<\/p><\/blockquote>\n On altcoins, Ether (ETH<\/a>) briefly came within $50 of the $2,000 mark once more before reversing lower in step with BTC.<\/p>\n Related:\u00a0Bitcoin traders anticipate new yearly lows after BTC\u2019s $25K rejection \u2014 Data disagrees<\/a><\/em><\/strong><\/p>\n The largest altcoin by market cap had been outshined by Dogecoin (DOGE<\/a>) the day prior, DOGE\/USD gaining in excess of 11% on the day before cooling.<\/p>\n Trader Wolf nonetheless revealed<\/a> a bull flag for Ether\u2019s moving average convergence\/divergence (MACD) indicator on weekly timeframes.<\/p>\n \u201cThere\u2019s so much disbelief in this reversal that I might raise my target from to 2.5ks to 3.2ks,\u201d he added<\/a> in a subsequent Twitter post on the day.<\/p>\n The views 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 conduct your own research when making a decision.\n<\/p>\n<\/div>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-08\/96e266a5-5304-4965-be82-d9bf9c9242c0.png\")
No success for Bitcoin bulls<\/h2>\n
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Ether shies away from $2,000<\/h2>\n
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