Bitcoin (BTC) took a step back when trading began on Wall Street on July 22 after recovering most of its previous losses.

Hourly candlestick chart BTC/USD (Bitstamp). Source: Trading View

BTC Bulls Failed to Survive a Multi-Week High

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Data from Cryptooshala Markets Pro and trade view confirmed that BTC/USD is facing new resistance around $24,000.

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The pair has spent the last 24 hours slowly regaining lost ground following the news that Tesla sold most of its BTC holdings.

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With the pre-announcement high of $24,280 still standing, the bulls faced some setback when Wall Street opened on the day BTC/USD lost around $400.

Analyzing the current order book structure on major exchange Binance, online monitoring resource Material Indicators warned that the overall bear market structure remains under control.

“Extreme lows and dips usually result in a reversion to a mean move or a relief rally. Mostly the sellers are exhausted and the buyers are stepping in trying to buy the bottom causing a relief rally,” popular crypto trader Tony. addedconfirming that “the main trend currently remains bearish”.

United States equities were also muted throughout the day, with the S&P 500 and Nasdaq Composite showing modest opening losses.

The US dollar index (DXY), which consolidated during the week, continued to decline, hitting 106 for the first time since July 5.

US dollar index (DXY) 1-day candlestick chart. Source: Trading View

Ethereum leads among altcoins

Although Ethereum (ETH) also fell to its local highs, it still gave analysts a lot to worry about.

Ether price halts at $1,630 after rising 50% in less than a week.

ETH/USD reached $1,640 on the day, marking its highest level since June 11 before falling back to $1,600 at the time of writing.

“Textbook bull flag breakout as Ethereum continues its successful streak,” trading software provider TrendSpider. said Followers on Twitter talk about the daily chart of ETH/USD when reaching highs.

Ethereum is once again the leader in daily gain among the top ten cryptocurrencies by market capitalization. Compared to the lows just ten days before, ETH/USD is up 62%.

ETH/USD 1-day candlestick chart (Binance). Source: Trading View

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