After recovering its losses, Bitcoin (BTC), took a step back when Wall Street trading opened on July 22, after it had made most of its previous losses.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
BTC bulls fail in assault on multi-week peak
Cointelegraph Markets Pro and TradingView data confirmed that BTC/USD encountered new resistance at $24,000.
After hearing that Tesla had sold its majority of its BTC holdings, the pair spent the last 24 hours slowly regaining lost ground.
Bulls suffered a setback with Wall Street opening on Monday, as the $24,280 pre-announcement high was still in force. BTC/USD lost around $400.
Analyzing the order book structure of major exchange Binance, Material Indicators on-chain monitoring resource Material Indicators warned the bear market structure was in control.
As you can see, a large portion of yesterday’s bid liquidity has been filled. This helped #BTC rise above $23.5k for now. This is short-term bullish in a bearish market rally. pic.twitter.com/S4oiyj5Rlt
July 22, 2022 — Material Indicators (@MI_Algos).
“Extreme drops and lows usually result in a reversion to the mean movement, or relief rally. Popular trader Crypto Tony stated that sellers have exhausted buyers trying to buy the bottom. This causes a relief rally.
The US equity markets were also muted, with the S&P 500 Index and the Nasdaq Composite Index experiencing modest declines during the open.
In consolidation, the U.S. dollar (DXY) continued to fall, reaching 106 for its first time since July 5.
U.S. dollar index (DXY) 1-day candle chart. Source: TradingView
Ethereum is the most popular altcoin
Although it has not reached its local peak, Ether (ETH), still offered plenty of excitement for analysts.
Related: Ether price stalls for $1,630 after gaining half a week
The USD/ETH reached $1,640, its highest level since June 11, before returning to the $1,600 area at the time.
The shape of $ETH recovered starts to look like a V-shaped. Look @: $1700, which I believe will be destroyed. I expect $3.2ks to be retraced at 61.8 fib.
— Wolf (@IamCryptoWolf), July 22, 2022
TrendSpider, a trading software provider, tweeted that “Textbook bull Flag breakout as Ethereum continues to its hot streak” and that the daily chart of ETH/USD had reached new highs.
Ethereum once again led the market in daily gains, among the top ten cryptocurrency by market capital. ETH/USD rose 62% compared to its lowest level in 10 days.
1 Day Candle Chart ETH/USD (Binance). Source: TradingViewcom. You should do your research before making any investment or trading decision.