- The cryptocurrency market, after experiencing fluctuations in June, is showing signs of a potential relief rally this month.
- On-chain data platform Santiment suggested in a tweet on July 2nd that Bitcoin and cryptocurrencies could enter an upward trend in July.
- “Looking at July, there are substantial reasons to remain optimistic after most small investors have given up,” stated Santiment.
Discover the potential upward trends in the cryptocurrency market this July, as indicated by key on-chain data and expert analysis.
Potential Relief Rally in July for Cryptocurrency Market
According to Santiment’s recent analysis, the general pessimism among investors and their significant average losses suggest that the market might be ripe for a relief rally. This outlook comes after a period of substantial volatility and bearish sentiment in June, setting the stage for a potential turnaround.
Depletion of Sellers Indicating Upward Momentum
A recent report by CryptoQuant highlighted that sellers, who had been exerting downward pressure on Bitcoin and other cryptocurrencies, appear to be exhausted. This reduction in selling pressure could remove a significant barrier to price increases. Historical trends also support this optimistic view, as July has traditionally been a strong month for cryptocurrencies, often closing on a positive note.
Based on CoinGecko’s data, Bitcoin started the month at approximately $62,723 but has been trading slightly lower at around $62,569 during the time of writing. Despite the slow start, many analysts maintain a bullish outlook, predicting that July will end on a “green” note. This sentiment is bolstered by historical performance and the current market conditions.
Conclusion
In summary, the evidence suggests that the cryptocurrency market may be poised for a positive shift in July. With seller exhaustion and historical trends indicating a potential upswing, investors might find new opportunities in the market. Staying informed through reliable channels and expert analysis will be key to navigating this evolving landscape effectively.
