Bitcoin price never fell more than 10% in July – is 2023 different?

Bitcoin (BTC) gained 12% in June, but according to one forecast the good days for the bulls may soon be over.

one in do On July 1, popular trader Crypto Bullet admitted that July may not offer much growth in BTC price.

Trader: BTC Price Rally “Likely” Coming to an End This Month

Despite a last-minute dive due to a macro news event, bitcoin managed to close the month of June in a solid position.

Data from Cointelegraph Markets Pro, trading view And coinglass Confirms a monthly close at $30,465 on Bitstamp.

Those levels held through the weekend, with the past month marking bitcoin’s best June performance since 2019.

By historical standards, July looks even better – in its entire history, BTC price action has never declined by more than 10% during that month.

However, for the cryptobullet, “common sense” dictates that BTC/USD should break below some key moving averages.

“So, June took me by surprise. We got a very bullish monthly close: BTC tested MA50, bounced back strongly and managed to retest EMA21! He commented on the monthly chart.

“I can repeat what I said: $BTC (looking for liquidity) could go to 35k, but this medium term bullish rally is coming to an end. Possibly this month.”

The concept of looking for liquidity in the lower $30,000 area remains popular nonetheless as a theory of price continuation.

Those tracking it include Trading Suite Dicentradar, which has lined up leveraged short positions towards $35,000 this week.

It matches well with the mass group #bitcoin Liquidity, which is loaded above $35k.

If we see widespread short liquidations, reaching the Moonraker resistance at $37k may be worthwhile. pic.twitter.com/3CEJQ9bvOI

— decentrer (@decentrader) 28 June 2023

battle of the monthly bitcoin chart

Elsewhere, the widely optimistic Rect Capital was also looking forward to a “healthy technical retest” of levels below $30,000 for bitcoin next, despite the monthly close.

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“BTC performed bullish on a monthly close, but a healthy technical retest at ~$29250 is likely,” he added. Said Twitter followers on the day.

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

additional analysis argued Even if BTC price breaks below that downside target, it will be nothing “out of the ordinary”.

“Overall well positioned for upside,” said Rect Capital.

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