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

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

All eyes on $37,000

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

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

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

"CT is turning bearish over again but I recollect this looks like a correction of the bounciness from 28k," popular trader Crypto Ed summarized in an update.

He added that he expected "at least" some other push to a local top of $37,000–$38,000, but for this to exist probable, 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 letter added.

"Hold here and $BTC should exist able to claiming higher soon."

Analytics service Whalemap likewise 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 calendar 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 — with a suspension in the first week of July — before essentially subsiding.

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

On Thursday, on-chain analytics service CryptoQuant eyed Bitcoin's Puell Multiple hit lows at which it has historically bounced.

A classic indicator, Puell can be used to centre "buy" signals, and it captured the start of the by yr'due south bull market place with precision.

Bitcoin Puell Multiple chart. Source: CryptoQuant/Twitter

"Low Puell Multiple values betoken miner profitability is low compared to yearly averages. This means some miners volition reduce hash power, difficulty will reduce allowing farther decentralization, and less sell pressure/impact on liquid supply from miners," CryptoQuant explained.

"This may bespeak nosotros have reached a lesser for this consolidation and are on the path to recovery."