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Bitcoin pulling up to major resistance at $24.5k, looming concerns of retracement imminent

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Bitcoin (BTC) has seemingly met it matched at a resistance range on the day while concerns over a retracement are growing. 

Market data has shown BTC/USD reaching $24,448, a 3.25% increase from the previous day’s low. Gaining speed on the day, bulls however saw similar resistance at the approaching resistance level in June of 2022. 

Peter Brandt gave his analysis of the current situation on a twitter post made on August 16th, who was of the opinion that a rising wedge set up was in progress. 

Material Indicators, an on-chain monitoring tool, did not seem so optimistic about Bitcoin’s staying power during the current rally. 

“Bid liquidity is kind of thin, but that tends to change after support is lost,” further comments stated.

Capo of Crypto, thinks the forecast may involve BTC/USD hitting $25,000 before another significant dive. 

Another trader by the name of Crypto Chase noted a less than stellar performance by BTC against the S&P 500 over the course of a month. 

”$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.”

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