Deniz 
Following a June market rollercoaster, the crypto markets could be prepared for a “relief rally.” Some analysts believe selling pressure on exchanges has dropped.
“After so much small trader capitulation, looking at July’s outlook, there is major reason to be optimistic,” Santiment, a crypto intelligence platform posted to X on July 2, said.
It said negative market attitudes and trading losses imply “a relief rally may just be beginning.”
According to Cointelegraph Markets Pro, Bitcoin dropped approximately 7% over June and bottomed out around $59,500 during the month.
Many more cryptocurrencies followed as the crypto market capitalization dropped almost $400 billion between its $2.5 trillion peak and its low last month, citing TradingView.
Noting in a July 1 piece that sellers “are finally exhausted,” analyst and CryptoQuant confirmed author Minkyu Woo expressed similar optimism.
With the most recent increase in June indicating that “large-scale selling pressure on exchanges is diminishing,” he observed that the average magnitude of the top Tether outflows from exchanges since January last year exhibited a “decrease in outflows after a strong surge.”
“This decrease in outflows points to investors being more likely to hang onto their assets than to take cash out of the market. This could mean that after the Bitcoin halved event, investor attitudes have become more positive,” Woo said.
Down 0.4% over 24 hours, BTC is going for about $62,774 right now.
One of the headwinds for Bitcoin and the crypto market this month is the $9 billion worth of BTC unlocked by long-bankrupt exchange Mt. Gox, which can cause selling pressure as creditors try to cash out their crypto shut off for ten years.
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