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

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

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.

“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,

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