Rally

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2024

Bitcoin

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<ul> 
 <li aria-level="1">Bitcoin shows signs of a potential ‘relief rally’ amidst easing selling pressure and market stabilization trends.</li> 
 <li aria-level="1">Santiment data indicates reduced trader negativity, suggesting a shift towards positive market sentiment.</li> 
</ul> 
ETHNews Analysts observe a possible turnaround in Bitcoin’s market following recent selling exhaustion. Recent data from Santiment points to easing selling pressure across crypto markets, signaling a potential shift towards a positive trend. 
<figure id="attachment_79981" aria-describedby="caption-attachment-79981" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-79981" src="https://www.ethnews.com/wp-content/uploads/2024/07/GRcmDctb0AA3lrm.jpg" alt="global-crypto-market " width="2472" height="1533">
 <figcaption id="caption-attachment-79981" class="wp-caption-text">
 Source: Santiment
 </figcaption>
</figure> 
The global crypto market briefly exceeded $2.35 trillion on July 2 before a minor contraction, shedding about $10 billion in market cap. 
<div class="cryptoboxes" id="mcw-12344" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-chartcoin="BTC" data-chartcurrency="USD" data-chartrate="1.000268" data-charttype="chart" data-chartview="day" data-charttheme="light" data-chartsmooth="true" data-chartareacolor="" data-chartbgcolor=""></div>
</div> 
Bitcoin itself experienced a slight dip from its peak of $63,790 to $62,461, marking a 1.2% decrease. ETHNews Analysts <a href="https://www.ethnews.com/will-bitcoin-hold-60k-a-closer-look-as-options-expiry-looms/">interpret these movements</a> as early signs of a market turnaround post a deep June. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4ca.png" alt="📊" class="wp-smiley" style="height: 1em; max-height: 1em;"> Looking at July's outlook, there is major reason to be optimistic after so much small trader capitulation. The crowd's negativity and average trader losses means that a relief rally may just be beginning. Read our June monthly recap here! <a href="https://t.co/1359OPYMuY">https://t.co/1359OPYMuY</a> 
 To read our… <a href="https://t.co/ZEVCm3sz2H">pic.twitter.com/ZEVCm3sz2H</a> 
 — Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1807955662540099767?ref_src=twsrc%5Etfw">July 2, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Santiment highlighted reduced negativity and lower trader losses as precursors to a potential ‘relief rally.’ 
<figure id="attachment_79987" aria-describedby="caption-attachment-79987" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-79987" src="https://www.ethnews.com/wp-content/uploads/2024/07/Crypto-quant-sellers-was-becoming-apparent-as-the-average-size-of-top-Tether-outflows-from-exchanges-decreased.webp" alt="Crypto-quant-sellers-was-becoming-apparent-as-the-average-size-of-top-Tether-outflows-from-exchanges-decreased" width="1280" height="720">
 <figcaption id="caption-attachment-79987" class="wp-caption-text">
 Source: Santiment
 </figcaption>
</figure> 
Minkyu Woo, an analyst at CryptoQuant, <a href="https://cryptoquant.com/insights/quicktake/66823259931dcb63aea0152b-Sellers-are-finally-exhausted">echoed these observations</a>, noting a decline in Tether outflows from exchanges. 
<blockquote>
 Observing the trend from 2023 to the present, the decrease in outflows after a strong surge indicates that the large-scale selling pressure on exchanges is diminishing. – Minkyu Woo
</blockquote> 
This reduction suggests a shift towards asset retention rather than liquidation, possibly driven by improved investor sentiment following recent market events. 
<h2 id="b-examining-bitcoin-s-metrics-further-strengthens-the-bullish-case-b">Examining Bitcoin’s Metrics Further Strengthens the Bullish Case</h2> 
The Market Value to Realized Value (MVRV) ratio, indicating market sentiment, recently showed a slight decline to 1.96, suggesting potential undervaluation and a buying opportunity. 
Bitcoin’s network activity also saw an uptick, with active addresses rising from 3.14 million to 3.88 million, indicating increased user engagement and overall market health. 
<figure id="attachment_79991" aria-describedby="caption-attachment-79991" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-79991" src="https://www.ethnews.com/wp-content/uploads/2024/07/Bitcoin-MVRV-Ratio.png" alt="Bitcoin-MVRV-Ratio" width="2048" height="1152">
 <figcaption id="caption-attachment-79991" class="wp-caption-text">
 Source: CryptoQuant
 </figcaption>
</figure> 
These positive indicators coincide with <a href="https://www.ethnews.com/impact-of-decreasing-hash-rate-on-bitcoin-mining-challenges/">ETHNews reports</a> on Bitcoin miner reserves stabilizing, hinting at reduced selling pressure from miners. This aligns with the narrative of a market poised for recovery. 
<figure id="attachment_79995" aria-describedby="caption-attachment-79995" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-79995" src="https://www.ethnews.com/wp-content/uploads/2024/07/Bitcoin-BTC-09.41.17-02-Jul-2024-santiment.png" alt="Bitcoin-BTC-09.41.17-02-Jul-2024-santiment" width="2048" height="693">
 <figcaption id="caption-attachment-79995" class="wp-caption-text">
 Source: Santiment
 </figcaption>
</figure> 
ETHNews analysts continue to <a href="https://www.ethnews.com/peter-schiffs-warning-are-bitcoin-etf-investors-at-risk-compared-to-gold/">monitor these developments</a>, and the crypto community awaits further clues on whether Bitcoin’s recent resilience will translate into sustained bullish momentum, potentially sparking a broader market rally. 
The post <a href="https://www.ethnews.com/bitcoin-market-update-relief-rally-prospects-and-key-metrics-leading-to-bullish-sentiment/">Bitcoin Market Update: Relief Rally Prospects and Key Metrics Leading to Bullish Sentiment</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.

Bitcoin Market Update: Relief Rally Prospects and Key Metrics Leading to Bullish Sentiment

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