Bitcoin (BTC) gained 12% in June, but one forecast sees the good times soon fading for bulls.
In a tweet on July 1, popular trader CryptoBullet admitted that July might not offer much more BTC price upside.
Trader: BTC price rally “likely” ending this month
Despite a last-minute dive, thanks to a macro news event, Bitcoin managed to close out the month of June in a solid position.
Data from Cointelegraph Markets Pro, TradingView and CoinGlass confirms that the monthly close came in at $30,465 on Bitstamp.
BTC/USD 1-hour chart. Source: TradingView
Those levels continue to hold into the weekend, with the past month marking Bitcoin’s best June performance since 2019.
By historical standards, July looks even better; throughout its history, BTC price action has never lost more than 10% during the month.
BTC/USD monthly returns (screenshot). Source: CoinGlass
For CryptoBullet, however, “common sense” dictates that BTC/USD should fall below some key moving averages.
“So, June surprised me. We got a pretty bullish monthly close: BTC tested the the MA50, bounced strongly and managed to regain the EMA21 !” he commented on the monthly chart.
“I can repeat what I said: $BTC can go to 35k (to hunt liquidity), but this mid term bullish rally is coming to an end. Likely this month.”BTC/USD annotated chart. Source: CryptoBullet/Twitter
The concept of liquidity hunting in the low $30,000 zone remains popular as a theory for price continuation.
Among those tracking it is trading suite DecenTrader, which this week underscored the leveraged short positions stacked toward $35,000.
This ties in nicely with the massive chunk of #Bitcoin Liquidity, which is loaded all the way above $35k.
If we see cascading short liquidations, wicking all the way up to the Moonraker resistance at $37k could be reasonable. https://t.co/JR4J24Ak8H pic.twitter.com/3CEJQ9bvOI
— Decentrader (@decentrader) June 28, 2023
Battle of the monthly Bitcoin charts
Elsewhere, a broadly optimistic Rekt Capital was keen for what he called a “healthy technical retest” of levels below $30,000 for Bitcoin, despite the monthly close.