Bitcoin price has never lost more than 10% in July — Is 2023 different?

1 year ago

Bitcoin looks primed for a "liquidity hunt" to $35,000, but not everyone is convinced that BTC terms upside volition past beyond July.

Bitcoin terms has ne'er mislaid much than 10% successful July — Is 2023 different?

Bitcoin (BTC) gained 12% successful June, but 1 forecast sees the bully times soon fading for bulls.

In a tweet connected July 1, fashionable trader CryptoBullet admitted that July mightiness not connection overmuch much BTC terms upside.

Trader: BTC terms rally "likely" ending this month

Despite a last-minute dive thanks to a macro quality event, Bitcoin managed to adjacent retired the period of June successful a coagulated position.

Data from Cointelegraph Markets Pro, TradingView and CoinGlass confirms that the monthly adjacent came successful astatine $30,465 connected Bitstamp.

Those levels proceed to clasp into the weekend, with the past period marking Bitcoin’s champion June show since 2019.

July, by humanities standards, looks adjacent amended — passim its history, BTC terms enactment has ne'er mislaid much than 10% during that month.

For CryptoBullet, however, “common sense” dictates that BTC/USD should autumn beneath immoderate cardinal moving averages.

“So, June amazed me. We got a beauteous bullish monthly close: BTC tested the the MA50, bounced powerfully and managed to regain the EMA21 !” helium commented connected the monthly chart.

“I tin repetition what I said: $BTC tin spell to 35k (to hunt liquidity), but this mid word bullish rally is coming to an end. Likely this month.”

The conception of liquidity hunting successful the debased $30,000 portion nevertheless remains fashionable arsenic a mentation for terms continuation.

Among those tracking it is trading suite Decentrader, which this week underscored the leveraged abbreviated positions stacked toward $35,000.

— Decentrader (@decentrader) June 28, 2023

Battle of the monthly Bitcoin charts

Elsewhere, a broadly optimistic Rekt Capital was besides keen for what helium called a “healthy method retest” of levels beneath $30,000 adjacent for Bitcoin, contempt the monthly close.

“BTC has performed a bullish Monthly adjacent but is primed for a steadfast method retest astatine ~$29250,” helium told Twitter followers connected the day.

“With terms presently astir $30500… I wonderment what antagonistic catalyst volition soon look to facilitate this method retest.”

Further investigation additionally argued that adjacent if BTC terms were to drawback beneath that downside target, it would represent thing “out of the ordinary.”

“Well positioned for upside overall,” Rekt Capital added.

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