Bitcoin rejects $ 34.5,000 as analysts uncover major resistance to hit next

Bitcoin (BTC) took some of its profits during a test of lower levels on June 24, making traders suspicious.

All eyes on $ 37,000

Data from Cointelegraph Markets Pro and TradingView show that BTC / USD hit a local low of $ 32,400 on Thursday.

The pair rose as high as $ 34,711 on Bitstamp the previous day and made a remarkable comeback after falling to a six-month low of $ 28,600.

However, with the resistance still pushing for a broader recovery, market participants need to remain cautious.

“CT is going bearish again, but I think this looks like a correction on the upside from 28,000,” sums up popular trader Crypto Ed in a. together To update.

He added that he expects “at least” one more push to the local highs of $ 37,000 to $ 38,000, but for that Bitcoin will have to hop around the target zone of $ 32,000.

At the time of writing, BTC / USD was higher and hit $ 33,500.

“BTC is still in the process of retesting ~ $ 32,000 (black) as support,” analyst Rekt Capital More.

“Stop here and $ BTC will soon be able to challenge higher.”

Whalemap analysis service too emphasize $ 37,000 as a significant resistance hurdle for Bitcoin to be overcome thanks to the allocation of whale positions.

Historical buy signals appear

As Cointelegraph reported, the end of this month has been struggling with approximately $ 2.3 billion worth of quarterly futures expiring.

That, combined with the unlock events scheduled for July at the Grayscale Bitcoin Trust ($ GBT), means selling pressures could continue for the next several weeks before declining significantly.

Meanwhile, changes in miners’ selling pressures were visible amid the ongoing upheaval in China, the data shows.

On Thursday, on-chain analytics service CryptoQuant noticed that Bitcoin’s Puell Multiple hit an all-time low that it has risen.

As a classic indicator, the Puell can be used to track “buy” signals and capture the exact start of last year’s bull market.

“Many low Puell values ​​indicate a low profitability of the miners compared to the annual average. This means that some miners will reduce the hash power, the difficulty will decrease, allowing for further decentralization and less selling pressure / impact on the miner’s liquid supply, ”explained CryptoQuant.

“This could indicate that we have bottomed out on this consolidation and are on the way to recovery.”