Bitcoin wobbles at Wall Street open as Ethereum hits $1.6K in 6 weeks
Bitcoin and Ethereum both win, but ETH price action picks up price as Bitcoin cools momentum .
Market Update
Bitcoin (BTC) took a step back as Wall Street trading began on July 22 after recouping most of its previous losses.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView confirmed that BTC/USD is encountering new resistance near $24,000.
The pair had spent the past 24 hours slowly recovering lost ground after news broke that Tesla had sold off 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 that 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 has risen to be filled. and that helped push #BTC back above $23.5,000 (for now). This is short-term bullish in a bearish rally. pic.twitter.com/S4oiyj5Rlt
— Materials 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 s...
Bitcoin and Ethereum both win, but ETH price action picks up price as Bitcoin cools momentum .
Market Update
Bitcoin (BTC) took a step back as Wall Street trading began on July 22 after recouping most of its previous losses.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView confirmed that BTC/USD is encountering new resistance near $24,000.
The pair had spent the past 24 hours slowly recovering lost ground after news broke that Tesla had sold off 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 that 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 has risen to be filled. and that helped push #BTC back above $23.5,000 (for now). This is short-term bullish in a bearish rally. pic.twitter.com/S4oiyj5Rlt
— Materials 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 s...
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