Corresponding to information disclosed by Jesse Coghlan, "Cryptomarkets could be poised for a "relief rally" after June's roller coaster ride, as some analysts suggest that selling pressure on exchanges has eased."
In that sense and according to information socialized on the cryptointelligence platform Santiment, "Looking at July's outlook, there are great reasons to be optimistic after so much capitulation by small traders"
On the other hand, "Many other cryptocurrencies mimicked it, as the cryptocurrency market capitalization erased around USD 400 billion between its peak of USD 2.5 trillion and its low in May"
Analyst and verified CryptoQuant author Minkyu Woo had a similar reason to be optimistic, stating in a July 1 post that sellers "have finally run out of steam."
To wit, "He found that the average size of major Tether outflows from exchanges since January 2023 saw a "decline in outflows after a sharp increase"; and for his part, the latest increase in June indicates that "large-scale selling pressure on exchanges is waning."
SOURCES CONSULTED
Cointelegraph. Crypto ‘relief rally’ may be just beginning, with sellers exhausted. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
