The crypto market, which experienced a rollercoaster ride in June, may be on the cusp of a “relief rally.” Analysts observe that selling pressure has waned, providing a glimmer of optimism for July. Let’s delve into the details:

June was a tumultuous month for cryptocurrencies, with Bitcoin (BTC) dropping nearly 7% and altcoins following suit. The total crypto market capitalization shed around $400 billion from its peak of $2.5 trillion in May. However, recent developments suggest a potential turnaround.

Cryptocurrency market relief rally

Sellers Exhausted: A Positive Sign

CryptoQuant verified author Minkyu Woo notes that sellers appear to be “finally exhausted.” The average Tether (USDT) outflows from exchanges have decreased after a strong surge in June. This reduction in outflows indicates that investors are more inclined to hold their assets rather than withdrawing cash from the market. Woo suggests that this shift in sentiment could be linked to the Bitcoin halving event.

Unlocking Mt. Gox’s BTC: A Headwind

Despite the positive signs, July presents challenges. Approximately $9 billion worth of BTC is set to be unlocked by long-bankrupt exchange Mt. Gox. Creditors seeking to cash out their locked-up crypto could introduce selling pressure. However, the overall sentiment remains cautiously optimistic.

As we enter July, the crypto market awaits a potential relief rally. While uncertainties persist, the gradual easing of selling pressure hints at brighter days ahead.

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