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

BTC bulls fail to sustain assault on multi-week high

Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD encountering fresh resistance near $24,000.

The pair had spent the past 24 hours slowly clawing back lost ground after news that Tesla had sold most of its BTC holdings.

With the pre-announcement high of $24,280 still in force, bulls saw something of a setback as Wall Street opened on the day, with BTC/USD losing around $400.

Analyzing the current order book structure on major exchange Binance, on-chain monitoring resource Material Indicators warned that the overall bear market structure remained 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

“Extreme lows and drops usually results in a revert to the mean move, or relief rally. Basically sellers are exhausted and buyers step trying to buy the bottom, causing a relief rally,” popular trader Crypto Tony added, reiterating that “the main trend remains bearish currently.”

United States equities were similarly muted on the day, with the S&P 500 and Nasdaq Composite Index seeing modest declines on the open. 

The U.S. dollar index (DXY), in consolidation during the week, continued its downturn,