Today Bitcoin (BTC) lost part of yesterday’s increase: an event that scared already suspicious traders.
All eyes on $ 37,000
Data from Cointelegraph Markets and TradingView show that the BTC / USD pair hit local lows of $ 32,400 today. Bitcoin peaked at $ 34,711 on Bitstamp yesterday, marking a sizable recovery from the previous drop to $ 28,600.
However, it is present a strong resistance that continues to put pressure on the cryptocurrency, preventing a full recovery.
On Twitter, Crypto trader Ed
#BTC update— Crypto_Ed_NL (@Crypto_Ed_NL) June 24, 2021
CT is turning bearish again but I think this looks like a correction of the bounce from 28k.
I expect -at least- 1 more leg up towards 37-38k but we need a good bounce from the green box for that.
A bit tricky and need to be cautious but we'll try to trade it. pic.twitter.com/A56jHw709N
“Update on Bitcoin. The chart is turning bearish again, but this looks like a correction after the bounce from $ 28,000. I foresee at least one more upward move to $ 37,000-38,000, but we will need a good bounce at the green box. . “
Rekt Capital also has one
#BTC is still in the process of retesting the ~$32000 level (black) as support— Rekt Capital (@rektcapital) June 24, 2021
Hold here and $BTC should be able to challenge higher soon#Crypto #Bitcoin https://t.co/lZmSH77cAe pic.twitter.com/HiIBA4UA8a
“BTC is still testing the support at $ 32,000 (in black). If it manages to hold this level, it should soon reach higher levels.”
The Whalemap Analysis Service
that $ 37,000 will be a difficult obstacle for Bitcoin to overcome, given the distribution of whale positions.
Good old whale levels here we go. Currently being rejected from the 34,688 level. Big area to overcome is 37k. pic.twitter.com/bo7RVz7tjM— whalemap (@whale_map) June 23, 2021
Bitcoin’s Puell Multiple: It’s the right time to buy
As reported by Cointelegraph, many are eagerly awaiting the end of June, as we will see the maturity of the quarterly futures, worth a total of $ 2.3 billion.
This, combined with the Grayscale Bitcoin Trust ($ GBTC) release event scheduled for July, means that selling pressure will remain quite high in the coming weeks.
In this period, Chinese miners are also selling their cryptocurrencies, as they are forced by the Chinese government to stop operations.
Nonetheless, CryptoQuant today highlighted that Bitcoin’s Puell Multiple has reached a low from which it has historically almost always rebounded. The Puell Multiple, an indicator usually used to pinpoint the best times to buy BTC, has accurately identified the start of last year’s bull run.
“The low values of the Puell Multiple indicate that the profitability of miners is low compared to the annual averages. This means that some miners will reduce their hash power: this will lead to a decrease in difficulty and more decentralization, and therefore much less sales pressure. on the liquidity of miners.
This could indicate that we have reached the bottom of this consolidation and are on the road to recovery. “