Bitcoin (BTC) is teetering on the verge of closing June with a monthly loss, holding onto the critical support level of $60,000. 📉

Unfortunately for bulls, the BTC/USD pair may be heading into stormier waters with a number of bearish indicators pointing to increased selling pressure in July.

One of the biggest bearish events in the cryptocurrency market in June was the long-awaited Mt. Gox. Mt. Gox, once the largest Bitcoin exchange, will begin paying 140,000 BTC, worth about $9 billion, to its creditors in early July 2024.

This has raised fears of increasing selling pressure in the market, with analysts predicting a significant decline in Bitcoin prices due to the potential for lenders to sell the resulting assets to realize profits.

For example, analyst Degen Kid predicts a decrease in the price of Bitcoin to $55,000 due to the payment of Mt. Gox in July, although optimistic about the overall market outlook.

Meanwhile, Bitcoin's 4-hour chart suggests a possible breakout of the bullish pennant, pointing to the cryptocurrency's price target for July at around $56,000.