Data from Cointelegraph Markets Pro and TradingView showed BTC/USD focusing on the $22,800 zone after dropping from multi-week highs of $24,280 on Bitstamp.

The pair had reacted swiftly but comparatively modestly to the revelation by Tesla that its Bitcoin position was reduced 75%, or $936 million, in Q2.

Comments by CEO Elon Musk which avoided direct criticism of the largest cryptocurrency appeared to help stem the losses. In the company's earnings call, he stressed that the sell-off "should not be taken as some verdict on Bitcoin."

The move nonetheless put an end to several days of rampant upside, BTC/USD rising in line with stocks as U.S. dollar strength fell from twenty-year highs.

$22,800 marks the 200-week moving average for the pair, a historically significant trendline lost as support in June and only passed in recent days.