Bitcoin (BTC) rallied 12% in June, but one prediction sees the good times for bulls fading soon.
in a tweet On July 1, well-known trader CryptoBullet admitted that there may not be more room for BTC prices to rise in July.
Trader: Bitcoin price rally ‘likely’ to end this month
Bitcoin ended June on solid footing despite a last-minute plunge due to macro news events.
Data from Cointelegraph Markets Pro, transaction view and coin glass Confirming that the monthly closing price on Bitstamp is $30,465.
Those levels continued into the weekend, with the past month marking Bitcoin’s best June performance since 2019.
By historical standards, July looks even better — historically, Bitcoin price action has never dropped more than 10% during the month.
However, for CryptoBullet, “common sense” suggests that BTC/USD should break below some key moving averages.
“So, June surprised me. We had a pretty bullish monthly close: BTC tested MA50, bounced back strongly and managed to revisit EMA21!” he commented on the monthly chart.
“I can repeat what I said: BTC can go to 35k (to find liquidity), but the mid-term bullish rally is coming to an end. Probably this month.”
Still, the concept of finding liquidity in the low-$30,000 region remains popular as a theory for price continuation.
Decentrader, the trading suite that tracks it, this week highlighted leveraged short positions approaching $35,000.
This is the same as most #bitcoin Liquidity has been above $35,000.
If we see a cascading short liquidation, wicking all the way to Moonraker resistance at $37,000 could be justified. pic.twitter.com/3CEJQ9bvOI
— Decentrader (@decentrader) June 28, 2023
Battle of the Bitcoin Monthly Charts
Elsewhere, the generally bullish Rekt Capital was also keen on what he called a “healthy technical retest” for bitcoin, which traded below the $30,000 level despite a monthly close.
Related: Bitcoin Speculators Send 35,000 BTC to Exchanges in New ‘Elated Inflow’
“BTC has a bullish monthly close, but is poised for a healthy technical retest around $29,250,” he said Tell Twitter followers of the day.
“Currently around $30,500… I wonder what negative catalysts could come up soon to facilitate this technical retest.”
Further analysis debate Even if the price of Bitcoin fell below this downside target, it would not constitute an “abnormality.”
Rekt Capital added: “Overall, the company is well positioned.”
Magazine: How Smart People Invest in Dumb Memecoins: A 3-Point Plan for Success
This article does not contain investment advice or recommendations. Every investment and transaction involves risk, and readers should do their own research when making a decision.
Svlook
