bitcoins (bitcoin) rose 12% in June, but one forecast believes the good weather for the bulls may end soon.
Popular trader CryptoBullet acknowledged in a tweet dated July 1 that July may not offer another BTC price rally.
Trader: BTC price rally will “probably” end this month
despite a last minute discount Bitcoin managed to close the month of June solidly due to a macro event.
datas Cointelegraph Markets Expert, Trade View And Coin Glass Confirm monthly close at $30,465 on Bitstamp.
These levels continue throughout the weekend and last month marked Bitcoin’s best June performance since 2019.
July looks even better by historical standards: throughout its history, BTC price action has never lost more than 10% this month.
However, “common sense” for CryptoBullet requires BTC/USD to drop below some key moving averages.
“June surprised me. We closed a pretty high month: BTC tested MA50, recovered strongly and managed to recapture EMA21!” See the monthly chart.
“I can reiterate what I said: $BTC could go to $35,000 chasing liquidity, but this mid-term bullish rally is about to end. Probably this month.”
However, the concept of chasing liquidity in the $30,000 region remains in place as a theory for price continuation.
Among its followers is the trading suite Decentrader, which highlights leveraged shorts that have accumulated around $35,000 this week.
All of this is linked to Bitcoin’s massive amount of liquidity standing at over $35,000.
If we see increasing shorts, a rise to the “Moonraker” resistance at $37,000 may be reasonable.
This ties in nicely with the big pile. #Bitcoins Liquidity loaded up to 35 thousand dollars.
If we see consecutive short liquidations, it might be reasonable to move as far as the Moonraker resistance at $37,000. pic.twitter.com/3CEJQ9bvOI
— Decentralizer (@decentrader) 28 June 2023
Battle on monthly Bitcoin charts
Meanwhile, the generally optimistic Rekt Capital has called for a “healthy technical retest” for Bitcoin below $30,000 despite the monthly close.
Related: Speculators send 35,000 BTC to exchanges in new ‘flow of enthusiasm’
“BTC closed one month bullish but is poised for a healthy technical retest at ~$29250,” he says. twitter.
“While the price is currently hovering around $30,500… I wonder what negative catalyst will emerge soon to facilitate this technical retest.”
with the appendix analyzes He also argued that even if the BTC price drops below the downside target, it would not be an “out of the box” event.
“Overall, we are in a good position on the upside”Added Rekt Capital.
This article does not contain investment advice or advice. Every investment and trade involves risk and readers should do their own research before making a decision.
Translation of Walter Rizzo