Bitcoin

Bitcoin price has never lost more than 10% in July — Is 2023 different?

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.

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.

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.”

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.

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.

Related: Bitcoin speculators send 35K BTC to exchanges in new ‘elation inflow’

“BTC has performed a bullish Monthly close but is primed for a healthy technical retest at ~$29250,” he told Twitter followers on the day.

“With price currently around $30500… I wonder what negative catalyst will soon emerge to facilitate this technical retest.”

Further analysis additionally argued that even if the BTC price were to snap below that downside target, it would constitute nothing “out of the ordinary.”

“Well positioned for upside overall,” Rekt Capital added.

Magazine: How smart people invest in dumb memecoins: 3-point plan for success

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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