Bitcoin erased some of its gains on Thursday, with data from Cointelegraph Markets Pro and TradingView showing the price hitting lows of $32,400.

BTC/USD had reached a level of $34,711 on Bitstamp the previous day, an impressive rally after dropping to six-month lows of $28,600.

That said, caution remained within the market as resistance still pressured a wider recovery, Cointelegraph reports.

Popular trader Crypto Ed stated: “CT is turning bearish again but I think this looks like a correction of the bounce from 28.”

He went on to add that he forecast “at least” another move to a local high of $37,000–$38,000, but to do this Bitcoin – the world’s largest cryptocurrency by market cap – needed to rally around the $32,000 mark.

At the time of writing, BTC/USD was moving past this point, nearing $33,500.

According to analyst Rekt Capital: “BTC is still in the process of retesting the ~$32000 level (black) as support.

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

In addition, analytics service Whalemap stated the $37,000 level is an important resistance hurdle for Bitcoin to surpass due to the distribution of whale positions.

As previously reported by Cointelegraph, selling pressure is forecast to remain over the coming weeks.

Indeed, selling pressures from miners are visible now due to the ongoing crackdown in China, according to data out on Thursday.

Some $400 billion in value has been wiped off the total digital currency market since last Friday, when a major Bitcoin mining hub ordered miners to halt operations.

deVere CEO and founder Nigel Green said of this week’s volatility: “The crypto haters have enjoyed knocking the digital assets this week, but savvy investors aren’t spooked by the current volatility. They’re confident in their longer-term trajectory.”