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After the cryptocurrency "washout" storm, is the market rebounding imminent?

In the cryptocurrency field, the recent short-term market pullback is regarded as a "baptism" by many traders. They firmly believe that this is just the darkness before dawn, and a "bull market" rebound is coming.

When the US employment data unexpectedly exceeded expectations on June 7, Bitcoin, Ethereum and the entire alternative currency market experienced a significant fluctuation. However, many traders did not panic because of this, but instead believed that this was a signal that the market was adjusting and ready to go.

"This is a deep washout, and the impact on the alternative currency market is particularly obvious." An unnamed senior cryptocurrency trader said to his 848,000 followers on his social platform. He further analyzed: "This looks more like a self-purification of the market, washing away the impetuousness and leaving behind truly valuable projects."

The release of US employment data has produced a subtle deviation from market expectations. Originally, many analysts predicted that if the employment report performed weakly, it might put pressure on the decision to reduce inflation, which would in turn drive up the price of cryptocurrencies such as Bitcoin. The actual data showed the opposite trend.

"Although the data is somewhat unexpected, I don't think this is the direct cause of the decline in the cryptocurrency market." Markus Thielen, head of research at 10x Research, pointed out in an analysis report on June 5. He further explained: "There is no clear catalyst for the decline in cryptocurrencies on Friday, and the US employment data is also mixed. While the unemployment rate has risen, the number of new jobs has also increased."

In such a market environment, traders are paying close attention to the support levels of major projects. They know that only after experiencing the baptism and test of the market can truly valuable projects stand out. For investors, such a market environment also provides them with a good opportunity for screening and layout. They look forward to a new round of "bull market" rebound in the cryptocurrency market in the near future.

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