analysts unveil the next key resistance

Today Bitcoin (BTC) lost part of yesterday’s increase: an event that scared already suspicious traders.

BTC / USD, one hour candle (Bitstamp). Source: TradingView

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

:

“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. . “

BTC / USD Crypto Ed forecast. Source: Crypto Ed / Twitter

Rekt Capital also has one

:

“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.

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

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.

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Grayscale Bitcoin Trust unlock dates. Source: Bybt.com

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.

Puell Multiple di Bitcoin. Fonte: CryptoQuant/ Twitter
Puell Multiple di Bitcoin. Fonte: CryptoQuant/ Twitter

CryptoQuant explained:

“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. “

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