Bitcoin rejects at $34.5K as analysts reveal key resistance level to beat next

Bitcoin (BTC) erased some of its gains on June 24 in a test of lower levels, which spooked already wary traders.

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

All eyes on $37,000

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting local lows of $32,400 on Thursday.

The pair had risen as high as $34,711 on Bitstamp the day before, making a remarkable comeback after falling to six-month lows of $28,600.

With resistance still pressuring a fuller recovery, however, caution was noticeable among market participants.

“CT is turning bearish again but I think this looks like a correction of the bounce from 28k,” popular trader Crypto Ed summarized in an update.

He added that he expected “at least” another push to a local top of $37,000-$38,000, but for this to be likely, Bitcoin needed to bounce at a target zone around $32,000.

BTC/USD scenario with targets. Source: Crypto Ed/ Twitter

At the time of writing, BTC/USD was already higher, eyeing $33,500.

“BTC is still in the process of retesting the ~$32000 level (black) as support,” analyst Rekt Capital added.

“Hold here and $BTC should be able to challenge higher soon.”

Analytics service Whalemap also highlighted $37,000 as a significant resistance hurdle for Bitcoin to overcome thanks to the distribution of whale positions.

BTC/USD whale resistance levels chart. Source: Whalemap/ Twitter

Historical buy signs creep in

As Cointelegraph reported, the end of this month is being met with trepidation in the face of a quarterly futures expiry worth some $2.3 billion.

Grayscale Bitcoin Trust unlock dates. Source: Bybt.com

This, combined with unlocking events scheduled for July at the Grayscale Bitcoin Trust ($GBTC), means that selling pressure can remain for the next several weeks before substantially subsiding.

Changes in selling pressure from miners, meanwhile, are already visible amid the ongoing shake-up in China, data suggests.

On Thursday, on-chain analytics service CryptoQuant eyed

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