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<p>Bitcoin approaches a critical juncture as the month-end close looms, according to crypto analyst Zen from WiseAnalyze. The analyst has <a href="https://x.com/WiseAnalyze/status/1806613411205181573" target="_blank" rel="noopener noreferrer nofollow">shared insights</a> on potential short-term scenarios for the leading crypto.&nbsp; With just two and a half days until the weekly and monthly candle closures, traders are closely watching key price levels and market indicators.&nbsp;</p>
<p>Zen highlights the importance of the upcoming candle closures, noting that many traders tend to close positions and secure profits before the new month begins.&nbsp;</p>
<p>The analyst points out a number of short positions taken above the $62,000 level. These traders are mostly expecting a dip, with the $59.5K to $59.6K area identified as a possible target for taking profits.</p>
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<h2 class="wp-block-heading" id="strong-bitcoin-btc-price-forecast-strong"><strong>Bitcoin (BTC) Price Forecast</strong></h2>
<p>Looking at the short-term outlook, Zen presents two possible scenarios. The first involves Bitcoin breaking above the $62,000 to $62,300 resistance level and pushing higher.&nbsp;</p>
<p>This move could trigger stop losses and liquidate short positions, creating substantial liquidity in the market. However, the analyst cautions that the longer-term implications of such a move remain uncertain.</p>
<p>Alternatively, Zen considers the possibility of a bearish turn in July. The monthly chart suggests the potential for a downward move before a bullish reversal later in the year.&nbsp;</p>
<p><em>“Don’t want to be the only bear prophet around here, but you can’t ignore the way month chart looks,</em>” Zen remarks. Nevertheless, the analyst emphasizes that nothing is certain in the current market conditions.</p>
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<p><strong><em>Read also: </em></strong><a href="https://captainaltcoin.com/heres-why-akash-network-akt-price-is-pumping/" target="_blank" rel="noopener noreferrer nofollow"><strong><em>Here’s Why Akash Network (AKT) Price is Pumping</em></strong></a></p>
<h2 class="wp-block-heading" id="strong-key-levels-to-watch-strong"><strong>Key Levels to Watch</strong></h2>
<p>Zen provides crucial price levels for traders to monitor. A weekly close above $60,600 would increase the likelihood of a bounce from the range bottom.&nbsp;Conversely, the analyst highlights a number of liquidity pools that are situated above and below the present price.</p>
<p>Key resistance levels to monitor are $61,540, $62,590, $63,260, and $64,920. On the support side, important levels include $60,260, $59,440, $58,990, and $56,850. Additionally, Zen highlights historical price benchmarks such as the May close at $67,577 and the November 2021 low at $53,245.</p>
<p>Moreover, the analyst also offers a brief overview of market sentiment. The Fear and Greed index currently stands at 47, indicating an improvement from past readings. Therefore, this suggests a gradual shift towards a more neutral market outlook.</p>
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<p>The post <a href="https://captainaltcoin.com/bitcoin-price-action-paints-a-bearish-outlook-for-btc-next-month-the-two-possible-scenarios/" rel="noopener noreferrer nofollow">Bitcoin Price Action Paints a Bearish Outlook for BTC Next Month: The Two Possible Scenarios</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Bitcoin Price Action Paints a Bearish Outlook for BTC Next Month: The Two Possible Scenarios

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