Bitcoin (BTC) gained 12% in June, but one prediction sees the good times soon fading for the bulls.
in tweet On July 1, the popular trader CryptoBullet admitted that July may not offer more bitcoin price rally.
Trader: Bitcoin price rally “likely” ends this month
Despite a last-minute dive, thanks to an all-encompassing news event, Bitcoin managed to close the month of June in a strong position.
Data from Cointelegraph Markets Pro, TradingView And Queen Glass It confirms that the monthly close came in at $30,465 on Bitstamp.
These levels continue to hold into the weekend, with the past month marking Bitcoin’s best June performance since 2019.
By historical standards, July looks better than that; Throughout its history, BTC price movement has not lost more than 10% during the month.
For CryptoBullet, however, “common sense” dictates that BTC/USD should drop below some major moving averages.
“So, June surprised me. We had a very bullish monthly close: BTC tested the MA50, rebounded strongly and managed to retake EMA21!” he commented on the monthly chart.
“I can repeat what I said: Bitcoin could reach $35k (in search of liquidity), but this mid-range bull run is coming to an end. Most likely this month.”
The concept of looking for liquidity in the low $30,000 region remains popular as a price continuation theory.
Among those trackers is trading suite DecenTrader, which this week confirmed stacked leveraged short positions towards $35,000.
This correlates well with the bulk of # Bitcoin Liquidity, which is fully loaded above $35k.
If we see consecutive short sell-offs, a wick all the way down to the Moonraker resistance at $37k might be reasonable. https://t.co/JR4J24Ak8H pic.twitter.com/3CEJQ9bvOI
– Decentrader (decentrader) June 28, 2023
Battle of Bitcoin Monthly Charts
Elsewhere, broadly bullish Rekt Capital was eager for what it called a “healthy technical retest” of bitcoin’s sub-$30,000 levels, despite the monthly close.
Related: Bitcoin Speculators Send 35K BTC To Exchanges In New ‘Happy Flow’
“BTC has had a bullish monthly close but is poised to retest a healthy technical at $29,250.” Tell Twitter followers per day.
“With the price currently around $30,500… I wonder what negative catalyst will emerge soon to facilitate a technical retest.”
Further analysis in addition argue Even if Bitcoin price drops below that downside target, it wouldn’t be anything “out of the ordinary.”
“It’s well positioned to go higher overall,” Reckt Capital added.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making a decision.
