The crypto market may be in for a “relief rally” after a volatile June, with some analysts saying that selling pressure on exchanges has eased. “Looking at the outlook for July, there are major reasons to remain bullish after a large number of small traders capitulated,” Santiment said in a post on X on July 2, adding that negative market sentiment and trader losses mean that “a relief rally may have just begun.”
Minkyu Woo, an analyst and CryptoQuant certified author, has a similar bullish case, noting in a July 1 article that sellers are “finally running out of steam.” He found that the average size of USDT outflows from exchanges since January last year “has decreased after a strong surge,” with the latest surge in June suggesting that “massive selling pressure on exchanges is waning.” (Cointelegraph) #BinancePizzaDay