Bitcoin (BTC) experienced an increase of 12% in June, but according to one prediction, the positive times for buyers may not last long.
On July 1, CryptoBullet, a well-known trader, tweeted that the potential for Bitcoin price increases in July may be limited.
Trader: BTC price rally “likely” ending this month
Despite a sudden drop due to a macroeconomic news event, Bitcoin ended the month of June in a strong position.
Data from Cointelegraph Markets Pro, TradingView, and CoinGlass show that the month closed at $30,465 on Bitstamp.
The levels have stayed consistent throughout the weekend, and the last month has been Bitcoin’s best June showing since 2019.
July has historically been a good month for BTC price action – in fact, it has never experienced a loss of more than 10% during that month.
CryptoBullet believes that, according to “common sense”, BTC/USD should drop below certain important moving averages.
He commented on the monthly chart, saying, “June really surprised me! We had a very positive monthly close: BTC tested the MA50, bounced back strongly, and managed to reclaim the EMA21!”
The notion of searching for liquidity in the low $30,000 range is still widely accepted as a possible explanation for price continuation.
Decentrader, a trading suite, has been monitoring the situation and this week highlighted the leveraged short positions that have been taken out at $35,000.
Battle of the monthly Bitcoin charts
Elsewhere, Rekt Capital had a positive outlook and expressed a desire for Bitcoin to undergo a “healthy technical retest” of prices below $30,000, despite the month’s closing.
Bitcoin speculators have transferred 35,000 BTC to exchanges in a new wave of “elation inflow”.
He informed his Twitter followers on the day that BTC had finished a bullish Monthly close but was ready for a sound technical retest at around $29250.
Further analysis also suggested that even if the BTC price were to drop below the downside target, it would not be an unusual occurrence.
Rekt Capital commented that the situation is “well positioned for upside overall”.
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