Bitcoin’s price surged by 12% in June, marking its best performance for that month since 2019. However, a popular trader known as CryptoBullet suggests that the bullish trend may not continue into July. Historically, Bitcoin has never experienced a loss of more than 10% during this month, but CryptoBullet believes that the current mid-term rally is coming to an end.
While some traders remain optimistic, expecting a liquidity hunt that could push the price to $35,000, others are anticipating a healthy technical retest below $30,000. Decentrader, a trading suite, points out the significant amount of Bitcoin liquidity loaded above $35,000 and speculates that cascading short liquidations could drive the price up to resistance at $37,000.
Rekt Capital, another analyst, supports the idea of a technical retest below $30,000, considering it a normal occurrence even if the price were to drop further. However, he overall maintains a positive outlook on Bitcoin, stating that it remains well positioned for upside potential.
It’s important to note that this article does not provide investment advice or recommendations. Traders and investors should carefully conduct their own research and evaluate the risks involved before making any decisions.
Overall Analysis
The debate surrounding Bitcoin’s price direction in July continues, with traders closely monitoring key moving averages and liquidity levels. The market remains uncertain, and the outcome will determine whether the mid-term bullish rally persists or if a pullback occurs.