bitcoin (BTC) took a step back when Wall Street trading began on July 22 after recouping most of its previous losses.
BTC bulls fail to sustain multi-week assault
The couple had spent the past 24 hours slowly recover lost ground after learning that Tesla had sold most of its BTC holdings.
With the pre-announcement high of $24,280 still in place, the bulls saw something of a setback at Wall Street’s open on the day, with BTC/USD losing around $400.
Analyzing the current structure of the order book on major exchange Binance, on-chain monitoring resource Material Indicators warned that the overall bear market structure remains in check.
As you can see, a good portion of the liquidity in the offers we saw yesterday rose to be filled. and it helped push #BTC back above $23.5,000 (for now).
This is short term bullish in a bear market. pic.twitter.com/S4oiyj5Rlt
— Material Indicators (@MI_Algos) July 22, 2022
“Extreme lows and lows usually result in a return to the mean move, or a relief rally. Basically, sellers are exhausted and buyers are trying to buy the low, causing a relief rally,” the popular trader said. CryptoTony. addedrecalling that “the main trend currently remains bearish”.
U.S. equities were also muted on the day, with the S&P 500 and Nasdaq Composite indices registering modest declines at the open.
The US dollar index (DXY), consolidating during the week, continued to decline, targeting 106 for the first time since July 5.
Ethereum leads the dance among altcoins
While also exiting its local vertices, Ether (ETH) again gave analysts something to cheer about.
ETH/USD reached $1,640 on the day, marking its highest level since June 11 before returning to linger around the $1,600 level at the time of writing.
$ETH recover starts to look like a V.
Resistors to watch @:
$1700 which I will destroy.
Stronger $2.5k, which is also a 61.8 fib retracement, if fomo kicks in, I finally expect $3.2k, 78.6% fib.
— Wolf (@IamCryptoWolf) July 22, 2022
“Textbook bull flag breakout as Ethereum continues its meteoric streak”, trading software provider TrendSpider Told Twitter followers on the ETH/USD daily chart as the highs entered.
Ethereum was again the leader in terms of daily gains among the top ten cryptocurrencies by market capitalization. From its lows of just 10 days ago, ETH/USD is up 62%.
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