Bitcoin staggers on Wall Street as Ethereum reaches 6-week high at $1.6K

Bitcoin and Ethereum

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Categories: Cryptocurrency

Bitcoin staggers on Wall Street as Ethereum reaches 6-week high at $1.6K

BTC bulls failed to sustain the attack on Cointelegraph Markets Pro data at multi-week highs and Trading View confirmed that BTC/USD is facing fresh resistance near $24,000. 

The pair slowly regained lost ground over the past 24 hours following news that Tesla had sold off most of its BTC holdings. With the pre-announced high of $24,280 still in force, the bulls suffered some setbacks as Wall Street opened the day with BTC/USD losing around $400.

Analyzing the current order book structure on major exchange Binance, the On-Chain Monitoring Resource Content Indicator warned that the overall bear market structure remained under control. 

“Excessive lows and declines usually revert to an average move or a relief rally. Basically sellers get tired and buyers try to buy below, leading to a relief rally,” said popular crypto trader Tony. Reiterating that there is currently a downturn."

Analyzing the current order book structure on major exchange Binance, the On-Chain Monitoring Resource Content Indicator warned that the overall bear market structure remained under control. “Excessive lows and declines usually revert to an average move or a relief rally. 

Basically sellers get tired and buyers try to buy below, leading to a relief rally,” said popular crypto trader Tony. Reiterating that there is currently a downturn."

Most investors are familiar with the potential of cryptocurrencies, even if many still prefer to treat them like a passing fad. However, cryptocurrencies are now becoming more than just digital assets—they're moving into their next status as digital assets that can be used as an asset class.

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