Crypto ‘relief rally’ may be just beginning, with sellers exhausted

Jesse Coghlan3 hours agoCrypto ‘relief rally’ may be just beginning, with sellers exhaustedThe crypto market could bounce back this month after a rocky June, with stablecoin outflow from exchanges showing slowing selling pressure.1441 Total views10 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe crypto markets could be set for a “relief rally” after a market rollercoaster in June, with some analysts suggesting selling pressure on exchanges has tapered off.

“Looking at July’s outlook, there is major reason to be optimistic after so much small trader capitulation,” crypto intelligence platform Santiment posted to X on July 2.

It added negative market sentiment and trader losses mean “a relief rally may just be beginning.”

Bitcoin (BTC) fell almost 7% in June, bottoming out at $59,500 during the month, according to Cointelegraph Markets Pro.

Many other cryptocurrencies followed as the crypto market capitalization shaved off around $400 billion between its $2.5 trillion peak and its low in May, according to TradingView.

Analyst and CryptoQuant verified author Minkyu Woo had a similar reason to be optimistic, stating in a July 1 post that sellers “are finally exhausted.”The average top USDT outflows with circles noting surges. Source: Minkyu Woo/CryptoQuant

He found the average size of the top Tether (USDT) outflows from exchanges since January 2023 saw a “decrease in outflows after a strong surge,” with the latest surge in June indicating that “large-scale selling pressure on exchanges is diminishing.”“This reduction in outflows suggests that investors are more inclined to hold their assets rather than withdrawing cash from the market.”

“This could imply that investor sentiment has turned more positive following the Bitcoin halving event,” Woo added.

Related:Bitcoin price gets ‘interesting’ as triple candle close sees $61.5K return

BTC is currently trading for around $62,950, down 0.4% over 24 hours.

In July, some headwinds for Bitcoin and the crypto market include the $9 billion worth of BTC unlocked by long-bankrupt exchange Mt. Gox, which could lead to selling pressure as creditors seek to cash out their crypto that’s been locked up for a decade.

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