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 cheep On July 1, popular trader CryptoBullet admitted that July might not offer much more to the BTC price upside.

Trader: BTC Price Rally “Probably” Ends This Month

despite a last minute dive, thanks Due to a macro news event, Bitcoin managed to close the month of June in a strong position.

Data of Cointelegraph Pro Markets, TradingView and glass coin confirms that the monthly close was $30,465 on Bitstamp.

Those levels continue to hold over the weekend, with last month marking Bitcoin's best June performance since 2019.

By historical standards, July is looking even better; throughout its history, BTC's price action has never lost more than 10% for the month.

For CryptoBullet, however, "common sense" dictates that BTC/USD should fall below a few key moving averages.

“So, June surprised me. We had quite a bullish monthly close – BTC tested the MA50, bounced strongly and managed to recapture the EMA21! she commented on the monthly chart.

“I can repeat what I said: $BTC may go as high as 35k (to seek liquidity), but this medium-term bullish rally is coming to an end. Probably this month.

The concept of liquidity hunting in the low $30,000 zone remains popular as a theory for price continuation.

Among those following is the DecenTrader trading suite, which this week highlighted accumulated leveraged short positions towards $35,000.

This ties in nicely with most of the #Bitcoin Liquidity, which is loaded above $35k.

If we see cascading short selloffs, it might be reasonable to go as far as the Moonraker resistance at $37k. https://t.co/JR4J24Ak8H pic.twitter.com/3CEJQ9bvOI

— Descentrator (@descentrator) June 28, 2023

Battle of the Bitcoin Monthly Charts

Elsewhere, broadly bullish Rekt Capital was interested in what it called a “healthy retest of technicals” of levels below $30,000 for Bitcoin, despite the monthly close.

Related: Bitcoin Speculators Send 35K BTC To Exchanges In New “Rush Flow”

“BTC has made a bullish monthly close but is poised for a healthy retest technical at ~$29250,” he said. said Twitter followers on the day.

“Currently priced at around $30,500… I wonder what negative catalyst will emerge soon to facilitate this technical retest.”

additional analysis additionally argument that even if the BTC price were to break below that downside target, it would not constitute anything "out of the ordinary."

"Well positioned for the upside overall," Rekt Capital added.

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