Bitcoin's price is teetering on the edge, closing June with a potential monthly loss and struggling to maintain the critical $60,000 support level. Despite the bulls' optimism, several bearish indicators suggest a rocky road ahead for Bitcoin in July.

The long-awaited Mt. Gox repayments are set to begin in early July, unlocking $9 billion worth of Bitcoin. This massive release of funds has raised concerns about increased selling pressure, potentially leading to a significant drop in Bitcoin prices. Creditors may sell their received assets to realize profits, given Bitcoin's substantial price appreciation since the hack.

On-chain indicators also suggest profit-taking is on the rise. The Adjusted Spent Output Profit Ratio (aSOPR) has increased, indicating more investors are selling at a profit. Historically, this has coincided with market top formations. Additionally, the Net Unrealized Profit and Loss (NUPL) metric suggests upside exhaustion among Bitcoin buyers, hinting at a potential market correction.

The 4-hour Bitcoin chart also indicates a possible breakdown of a bull pennant, which could lead to a price drop to around $56,000. However, if the price breaks above the 50-4H exponential moving average, it could trigger a bullish reversal, putting the upside target at around $64,770.

In conclusion, Bitcoin's bullish July is under threat from the Mt. Gox repayments and on-chain indicators suggesting increased selling pressure. While there is still hope for a bullish reversal, investors should exercise caution and conduct thorough research before making any investment decisions.