Bitcoin price sees firm rejection at $24.5K as traders doubt strength
$24,500 keeps control on hourly timeframes as gains for both Bitcoin and Ethereum are quickly extinguished. Bitcoin (BTC) returned to range resistance on Aug. 17 amid ongoing concerns that a retracement is imminen. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView No success for Bitcoin bulls Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $24,448 on Bitstamp, up 3.25% from the previous day's low before diving $600 in under an hour. Momentum gained speed on the day, but 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. Analyzing 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. Uploading a snapshot of the Binance