BTC Rejects Order Block Near $67,000 as Analyst Warns July Rally Has Two Weeks Left

Bitcoin prices are currently sitting at $63,985 after rejecting an order block near $67,000. Analyst Benjamin Cowen warns that this rally has only two weeks left before seasonal weakness takes over, historically a time when BTC comes back down from its July gains.

Cowen's 2018 analog suggests that the current cycle is following the same pattern as the less volatile midterm year of 2018. He notes that every approach to both the bear market resistance band and the 200-week moving average has resulted in a 'fake-out' in both directions.

The 4-hour chart shows BTC sitting at the 0.79 Optimal Trade Entry (OTE) zone, with $67,000 buy-side liquidity and $63,100 as two directional targets. Despite Thursday's outflow of $240M from spot Bitcoin ETFs, the week ended with $33.79M in net inflows, marking three consecutive positive weeks for the category.

Benjamin Cowen also mentions that if BTC has not broken down by year-end, he would defer to time-based capitulation and call the bull market back on. The setup entering the weekend has two clear paths: either price accepts the 0.79 OTE and buyers step in, or it fails and targets the $63,100 liquidity zone at the 1.0 retracement level.