Thanks Slav for your help,
I Want to clarify a few things:
1. The RadCaptcha is initially visible, but when I click the link the image is not updated.
2. I removed the RadScriptManager and keep the asp:ScriptManager that in the sharepoint master.
3. I receive no error in the console tab, but I receive 200 response from ScriptResource.axd and not from Telerik.Web.UI.WebResource.axd. I also receive no image in the response but the following response that don't
look like a partial response with Html an javascript...