Bitcoin (BTC) saw a 12% increase in value during the month of June. However, one popular trader, known as CryptoBullet, has expressed concerns that the bullish trend may soon come to an end.
In a tweet on July 1, CryptoBullet admitted that July might not offer much more upside for the BTC price. Despite a last-minute dive caused by a macro news event, Bitcoin managed to close out June on a positive note. Data from Cointelegraph Markets Pro, TradingView, and CoinGlass confirmed that the monthly close came in at $30,465 on Bitstamp.
These levels have continued to hold into the weekend, and June marked Bitcoin’s best performance in June since 2019. July historically looks even better, as BTC price has never lost more than 10% during this month.
However, CryptoBullet believes that common sense dictates a fall in BTC/USD below some key moving averages. While acknowledging the June bullish close, he commented that this mid-term rally is likely coming to an end this month. He also mentioned the possibility of Bitcoin testing liquidity by reaching $35,000.
The concept of liquidity hunting in the low $30,000 zone remains popular as a theory for price continuation. Decentrader, a trading suite, highlighted the leveraged short positions that are stacked toward $35,000. They suggested that if cascading short liquidations occur, Bitcoin could reach the Moonraker resistance at $37,000.
Another optimistic analyst, Rekt Capital, shared a different perspective. Despite the monthly close, he welcomed a healthy technical retest of levels below $30,000 for Bitcoin. He expressed curiosity about what negative catalyst might emerge to facilitate this retest. Rekt Capital also argued that even if BTC price were to drop below the downside target, it would not be considered unusual. He remains overall positive about the upside potential for Bitcoin.
It is important to note that this article does not contain investment advice or recommendations. Investing and trading in cryptocurrencies involves risk, and individuals should conduct their own research before making any decisions.
In conclusion, Bitcoin had a strong performance in June, but some traders believe that the bullish trend may soon come to an end. While there are differing opinions on the future price action of Bitcoin, investors should proceed with caution and conduct thorough research.