At 2 a.m. on the 8th, Bitcoin fell sharply from above $71,000 to below $69,000. The market reaction generally turned negative. The reason was that the U.S. Department of Labor announced the non-farm employment data for May. The surge of 272,000 jobs far exceeded the expected 190,000 jobs. Experts predict that the pace of U.S. interest rate cuts will be hindered again.
After two days, Bitcoin stopped falling and fluctuated from the $69,000 level and is now trading at $69,600.
Image source: Binance Spot Market
As for Ethereum (ETH), it fell below $3,600 on the 8th, and then fluctuated slightly in the next 48 hours and is now trading at $3,682.
Image source: Binance Spot Market
Although Bitcoin's scale converged on the 8th, it still stood above the average line compared with the 7-day market, and the market still maintained relatively high confidence. Ethereum, on the other hand, maintained the 7-day average level before the ETF spot ETF was listed, and the increase caused by the ETF inflow has not yet fermented.
DWF Partner: There will be a bull market in a few months
Andrei Grachev, partner of the well-known market maker DWF Labs, expressed strong views on the market outlook. He tweeted that Google searches for altcoins have continued to decline since March 2024.
Further reading: Can Google search popularity really predict Bitcoin trends? Analyzing the bull and bear markets over the years
Grachev pointed out that the stable price of Bitcoin means that market confidence remains strong, but it is impossible for Bitcoin to rise 50 times in the near future, but altcoins may.
If the price of Bitcoin remains stable, I expect a bull run within a few months, but this does not constitute investment advice!
Under Grachev's tweet, some crypto investors believe that his estimation logic is too simple, but others are optimistic about DWF's observation of the trend in altcoins.
DWF Labs recently announced in early June that it would increase its holdings of $12 million in FLOKI tokens to strengthen support for the Floki ecosystem.
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