Bitcoin May Hunt Liquidity At The $35k Level This Month
Bitcoin gained 12% in June, but forecasts see the good times ending soon for the bulls. In a tweet on July 1, the popular trader CryptoBullet admitted that July may not give many BTC prices higher.
espite the last-minute setback, thanks to the macro news, Bitcoin managed to end June in a strong position. Data from TradingView and CoinGlass confirmed the most recent monthly entry at $30,465 on Bitstamp.
These levels continue over the weekend, and the past month shows Bitcoin's best performance in June since 2019.
By historical standards, July looks better; in its entire history, the price performance of BTC has never stopped more than 10% in a month.
For CryptoBullet, however, "common sense" suggests that BTC/USD should fall below certain moving points.
"So June surprised me. We have a good monthly close: BTC tested MA50, bounced back and managed to regain EMA21! ” he said in a monthly drawing.
“I can repeat what I said: $BTC can go to 35k (pursuing the deficit), but this bull session is happening in the middle of the season and is coming to an end. Maybe this month.
The idea of hunting for money in the lower $30,000 area is still popular as a price correction idea.
Among the next ones is the stock market DecenTrader, which this week showed a short position focused on $ 35,000.
This ties in nicely with the massive chunk of #Bitcoin Liquidity, which is loaded all the way above $35k.— Decentrader (@decentrader) June 28, 2023
If we see cascading short liquidations, wicking all the way up to the Moonraker resistance at $37k could be reasonable. https://t.co/JR4J24Ak8H pic.twitter.com/3CEJQ9bvOI
Battle of the Monthly Bitcoin Charts
Elsewhere, a big bullish Rekt Capital maintained what it calls a "healthy new technical test" of the level below $30,000 for Bitcoin, despite the monthly close.
Link: Bitcoin Administrators Send 35K BTC to New "Top Entry" Exchange
“BTC made a monthly close but is ready for a health service review at ~$29,250,” he told Twitter followers on the same day.
“ And the price is now around $30,500... I think the bad catalyst will appear soon and not support a new project test. Another analysis also said that even if the price of BTC will fall below this low point, it will not be anything "normal". ”
"Well positioned for overall upside," added Rekt Capital.