Bitcoin (BTC) slipped as Wall Street started trading on July 22 after recovering most of its previous losses.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
BTC bulls fail to sustain attack at multi-week high
Data from Cointelegraph Markets Pro and TradingView confirmed that BTC/USD is facing fresh resistance near $24,000.
The pair had spent the past 24 hours slowly reclaiming their gains following news that Tesla had sold off most of its BTC holdings.
With a pre-announcement high of $24,280 still in effect, the bulls saw something of a setback as Wall Street opened on the day, with BTC/USD losing around $400.
Analyzing the structure of the current order book on the main exchange Binance, the material indices of the on-chain monitoring resource warned that the overall structure of the bear market remains under control.
Popular Crypto trader Tony added that “Severe dips and dips usually lead to a return to medium move, or a relief high. Basically, sellers are exhausted and buyers move in trying to buy the bottom, causing a sudden rally,” stressing that “the main trend remains Currently down.
US stocks were similarly muted on the day, with the S&P 500 and Nasdaq Composite seeing modest declines at the open.
The US Dollar Index (DXY), which was consolidating during the week, extended its decline, targeting 106 for the first time since July 5.
US Dollar Index (DXY) 1-day candlestick chart. Source: TradingView
Ethereum manages the supply between altcoins
While Ether (ETH) has also exited its local highs, it still gives analysts plenty to get excited about.
Related: Ether price stops at $1,630 after rising 50% in less than a week
ETH/USD hit $1,640 on the day, hitting its highest level since June 11 before returning to stay around the $1,600 level at the time of writing.
“Textbook bull flag erupts as Ethereum continues its hot streak,” trading software provider TrendSpider told Twitter followers of the ETH/USD daily chart as the rallies entered.
Ethereum was once again the leader in terms of daily gains among the top ten cryptocurrencies by market capitalization. Against its lowest level in just 10 days, ETH/USD is up 62%.