Bitcoin (BTC<\/a>) gained 12% in June, but one forecast sees the good times soon fading for bulls.<\/p>\n In a tweet<\/a> on July 1, popular trader CryptoBullet admitted that July might not offer much more BTC price upside.<\/p>\n Despite a last-minute dive, thanks<\/a> to a macro news event, Bitcoin managed to close out the month of June in a solid position.<\/p>\n Data from Cointelegraph Markets Pro<\/a>, TradingView<\/a> and CoinGlass<\/a> confirms that the monthly close came in at $30,465 on Bitstamp.<\/p>\n Those levels continue to hold into the weekend, with the past month marking Bitcoin\u2019s best June performance since 2019.<\/p>\n By historical standards, July looks even better; throughout its history, BTC price action has never lost more than 10% during the month.<\/p>\n For CryptoBullet, however, \u201ccommon sense\u201d dictates that BTC\/USD should fall below some key moving averages.<\/p>\n \u201cSo, June surprised me. We got a pretty bullish monthly close: BTC tested the the MA50, bounced strongly and managed to regain the EMA21 !\u201d he commented on the monthly chart. <\/p>\n \u201cI 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.\u201d<\/p><\/blockquote>\n The concept of liquidity hunting in the low $30,000 zone remains popular as a theory for price continuation.<\/p>\n Among those tracking it is trading suite DecenTrader, which this week underscored the leveraged short positions stacked toward $35,000.<\/p>\n This ties in nicely with the massive chunk of #Bitcoin<\/a> Liquidity, which is loaded all the way above $35k.<\/p>\n If we see cascading short liquidations, wicking all the way up to the Moonraker resistance at $37k could be reasonable. https:\/\/t.co\/JR4J24Ak8H<\/a> pic.twitter.com\/3CEJQ9bvOI<\/a><\/p>\n \u2014 Decentrader (@decentrader) June 28, 2023<\/a><\/p><\/blockquote>\n Elsewhere, a broadly optimistic Rekt Capital was keen for what he called a \u201chealthy technical retest\u201d of levels below $30,000 for Bitcoin, despite the monthly close.<\/p>\n Related:\u00a0Bitcoin speculators send 35K BTC to exchanges in new \u2018elation inflow\u2019<\/a><\/em><\/strong><\/p>\n \u201cBTC has performed a bullish Monthly close but is primed for a healthy technical retest at ~$29250,\u201d he told<\/a> Twitter followers on the day. <\/p>\n \u201cWith price currently around $30500\u2026 I wonder what negative catalyst will soon emerge to facilitate this technical retest.\u201d<\/p><\/blockquote>\n Further analysis additionally argued<\/a> that even if the BTC price were to snap below that downside target, it would constitute nothing \u201cout of the ordinary.\u201d<\/p>\n \u201cWell positioned for upside overall,\u201d Rekt Capital added.<\/p>\nTrader: BTC price rally \u201clikely\u201d ending this month<\/h2>\n
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Battle of the monthly Bitcoin charts<\/h2>\n
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