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The cryptocurrency market may be poised for a "rescue rally" after a 6-month market roller coaster, with some analysts suggesting that selling pressure on exchanges has eased.

“If you look at the forecast for the 7th month, there is reason for optimism after such a significant capitulation by small traders,” crypto analytics platform Santiment X 7/2 said.

This added to the negative sentiment in the market, and traders' losses suggested that "the rescue rally may have just begun."

Bitcoin
BTC

Ticker fell
US$662,913

 It fell nearly 6% in the month to June 7, hitting a one-month low of £59,500, according to Cointelegraph Markets Pro.

According to TradingView, the market capitalization of the cryptocurrency market fell by about 55 billion yen between a high of 2.5 trillion yen in 4,000 units in a month followed by many other cryptocurrencies.

Mingkyu Wu, an analyst and trusted contributor to CryptoQuant, said in a 7-1 message that the seller has "finally run out of steam."