Bitcoin declined with $34,500 because analysts revealed the next key resistance level to beat


Bitcoin (Bitcoin) On Thursday, some of the gains were wiped out in a lower level test, which frightened traders who were already cautious.

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

Everyone is staring at $37,000

Data from Cointelegraph Markets Pro with Transaction view It shows that BTC/USD hit a local low of $32,400 on Thursday.

The currency pair rose to a high of $34,711 on Bitstamp the day before, and rebounded significantly after falling to a six-month low of $28,600.

However, as resistance still forces a full recovery, the cautious attitude of market participants is obvious.

“CT turned bearish again, but I think this looks like a correction to the rebound from 28k,” popular trader Crypto Ed concluded in a report. Update.

He added that he expects to “at least” push up to local highs of $37,000 to $38,000 again, but to achieve this goal, Bitcoin needs to rebound in the target area around $32,000.

BTC/USD scenario with goals.Source: Encrypted editor/Twitter

At the time of writing, BTC/USD has moved higher, reaching $33,500.

“BTC is still retesting the ~$32,000 level (black) as support,” analyst Rekt Capital Add to.

“Hold on, $BTC should be able to challenge higher soon.”

Analysis service Whalemap also highlight Due to the distribution of whale positions, $37,000 is a major resistance that Bitcoin needs to overcome.

BTC/USD whale resistance chart.Source: Whale Map/Twitter

Signs of historical buying gradually appear

As Cointelegraph Report, Facing the expiration of quarterly futures worth about US$2.3 billion, the end of the month is disturbing.

The unlock date of the Grayscale Bitcoin Trust. Source: Bybt.com

This, combined Unlock event The Grayscale Bitcoin Trust (GBTC) is scheduled to be held in July, which means that the selling pressure may continue for several weeks — rest in the first week of July — and then subside substantially.

The data shows that at the same time, in China’s ongoing restructuring, the change in selling pressure from miners has become obvious.

On Thursday, on-chain analysis service CryptoQuant With eyes Bitcoin’s Puell Multiple hit a historical low point of a rebound.

A kind Classic indicators, Puell can be used to observe the “buy” signal, it accurately captures the beginning of the bull market in the past year.

Bitcoin pulls multiple charts. Source: CryptoQuant/Twitter

“The lower Puell Multiple value indicates that the profitability of miners is lower compared to the annual average. This means that some miners will reduce their computing power, and the difficulty will be reduced to allow further decentralization and reduce the supply of liquidity to miners. Sales pressure/impact,” CryptoQuant explained.

“This may indicate that our integration has bottomed out and is recovering.”