Bitcoin (BTC) took a step back as it began trading on Wall Street on July 22, having recovered most of its previous losses.
BTC Bulls Fail To Sustain Assault At Multi-Week High
Data from Cointelegraph Markets Pro and TradingView confirm that the BTC/USD pair has found new resistance near $24,000.
The pair had spent the last 24 hours slowly making up lost ground following the news that Tesla had sold most of its BTC holdings.
With the pre-announcement high of $24,280 still in place, the bulls saw a pullback at the open on Wall Street on the day, with the BTC/USD pair shedding around $400.
Analyzing the current structure of the order book on major exchange Binance, on-chain monitoring resource Material Indicators warned that the overall structure of the bear market was still in control.
As you can see a good portion of the bid liquidity we saw yesterday has moved up to get filled. and that helped push #BTC back above $23.5k (for now).
That’s short term bullish in a bear market rally. pic.twitter.com/S4oiyj5Rlt
— Material Indicators (@MI_Algos) July 22, 2022
As you can see a good portion of the liquidity in the supply that we saw yesterday has moved up to be filled. and that it helped push BTC back above $23,500 (for now).
That is short-term bullishness in a bear market rally.
“Extreme lows and dips often lead to a mean-reversion move, or a relief rally. Basically, sellers run out and buyers step in trying to buy the bottom, causing a relief rally.” added popular Crypto trader Tony, who reiterated that “the main trend is currently still bearish.”
US equities performed similarly, with the S&P 500 and the Nasdaq Composite Index posting modest declines at the open.
The US Dollar Index (DXY), consolidating during the week, continued its decline, targeting 106 for the first time since July 5.
Ethereum runs the show among altcoins
Although also moving away from its local highs, Ether (ETH) continues to give analysts plenty of reason to get excited.
The ETH/USD pair reached $1,640 on the day, marking its highest level since June 11, before hovering back around the $1,600 level at the time of writing.
$ETH recover starts to look as V-shaped.
Resistances to look @:
$1700 which i thing will be destroyed.
Stronger $2.5ks, which also is 61.8 fib retracement, if fomo kicks in i’m finally expecting $3.2ks, 78.6% fib.
— Wolf (@IamCryptoWolf) July 22, 2022
The recovery of $ETH begins to have a V-shape.
Resistors to be observed:
USD 1,700 which I believe will be destroyed.
Stronger $2,500, which is also 61.8 fib retracement, if fomo kicks in finally I’m holding $3,200, 78.6% fib.
“Technical Bull Flag Breakout as Ethereum Continues Its Hot Streak”, trading software provider TrendSpider told Twitter followers about the daily chart of the ETH/USD pair entering the highs.
Ethereum was once again the leader in terms of daily earnings among the top ten cryptocurrencies by market cap. Against its lows of just 10 days earlier, the ETH/USD pair was up 62%.
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