{"id":282625,"date":"2021-06-24T13:11:52","date_gmt":"2021-06-24T10:11:52","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-rejects-at-34-5k-as-analysts-reveal-key-resistance-level-to-beat-next\/"},"modified":"2021-06-24T13:11:52","modified_gmt":"2021-06-24T10:11:52","slug":"bitcoin-rejects-at-34-5k-as-analysts-reveal-key-resistance-level-to-beat-next","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-rejects-at-34-5k-as-analysts-reveal-key-resistance-level-to-beat-next\/","title":{"rendered":"# Bitcoin rejects at $34.5K as analysts reveal key resistance level to beat next"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a415c8513243\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a415c8513243\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-rejects-at-34-5k-as-analysts-reveal-key-resistance-level-to-beat-next\/#All_eyes_on_37000\" >All eyes on $37,000<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-rejects-at-34-5k-as-analysts-reveal-key-resistance-level-to-beat-next\/#Historical_buy_signs_creep_in\" >Historical buy signs creep in<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin rejects at $34.5K as analysts reveal key resistance level to beat next <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Bitcoin (BTC) erased some of its gains on June 24 in a test of lower levels, which spooked already wary traders.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-06\/e499f973-591a-4c7b-b309-dec61122bf36.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"All_eyes_on_37000\"><\/span>All eyes on $37,000<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\">TradingView<\/a> showed BTC\/USD hitting local lows of $32,400 on Thursday.<\/p>\n<p>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.<\/p>\n<p>With resistance still pressuring a fuller recovery, however, caution was noticeable among market participants.<\/p>\n<p>\u201cCT is turning bearish again but I think this looks like a correction of the bounce from 28k,\u201d popular trader Crypto Ed summarized in an <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Crypto_Ed_NL\/status\/1407951417273470976\">update<\/a>.<\/p>\n<p>He added that he expected \u201cat least\u201d 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.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-06\/54042bf5-022f-4def-b61d-d94a78ed66c3.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD scenario with targets. Source: Crypto Ed\/ <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a><\/em><\/figcaption><\/figure>\n<p>At the time of writing, BTC\/USD was already higher, eyeing $33,500.<\/p>\n<p>\u201cBTC is still in the process of retesting the ~$32000 level (black) as support,\u201d analyst Rekt Capital <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/rektcapital\/status\/1407993186421772293\">added<\/a>. <\/p>\n<blockquote><p>\u201cHold here and $BTC should be able to challenge higher soon.\u201d<\/p><\/blockquote>\n<p>Analytics service Whalemap also <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/whale_map\/status\/1407775190029946888\">highlighted<\/a> $37,000 as a significant resistance hurdle for Bitcoin to overcome thanks to the distribution of whale positions.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-06\/45f92d78-8fd9-41b2-9837-e7da94885ca6.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD whale resistance levels chart. Source: Whalemap\/ Twitter<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Historical_buy_signs_creep_in\"><\/span>Historical buy signs creep in<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As Cointelegraph reported, the end of this month is being met with trepidation in the face of a quarterly futures expiry worth some $2.3 billion.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-06\/d571368e-edd6-40c4-a7ee-74b3cb8c8f2d.jpg\"><figcaption style=\"text-align: center;\"><em>Grayscale Bitcoin Trust unlock dates. Source: Bybt.com<\/em><\/figcaption><\/figure>\n<p>This, combined with unlocking events scheduled for July at the Grayscale Bitcoin Trust ($GBTC), means that selling pressure can remain for the next several weeks before substantially subsiding. <\/p>\n<p>Changes in selling pressure from miners, meanwhile, are already visible amid the ongoing shake-up in China, data suggests.<\/p>\n<p>On Thursday, on-chain analytics service CryptoQuant <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptoquant.com\/quicktake\/60d35c752a504e58f2e644b5-Puell-Multiple-indicates-reduced-mining-sell-pressure\">eyed<\/a> Bitcoin\u2019s Puell Multiple hitting lows at which it has historically bounced.<\/p>\n<p>A classic indicator, Puell can be used to eye \u201cbuy\u201d signals, and captured the start of the past year\u2019s bull market with precision.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-06\/2a1c2aa7-619e-4bf4-82be-b74f23433019.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin Puell Multiple chart. Source: CryptoQuant\/ Twitter<\/em><\/figcaption><\/figure>\n<p>\u201cLow Puell Multiple values indicate miner profitability is low compared to yearly averages. This means some miners will reduce hash power, difficulty will reduce allowing further decentralization, and less sell pressure\/impact on liquid supply from miners,\u201d CryptoQuant explained. <\/p>\n<blockquote><p>\u201cThis may indicate we have reached a bottom for this consolidation and are on the path to recovery.\u201d<\/p><\/blockquote>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-rejects-at-34-5k-as-analysts-reveal-key-resistance-level-to-beat-next\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin rejects at $34.5K as analysts reveal key resistance level to beat next &#8221; 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&#8230;<\/p>\n","protected":false},"author":1,"featured_media":282626,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDYvNDcwN2U0ZDMtMWJiYy00OTExLWJiNjQtM2JjZTNhZjJkMDRkLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785],"class_list":["post-282625","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/282625","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=282625"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/282625\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/282626"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=282625"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=282625"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=282625"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}