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Traders in the cryptocurrency market are viewing the recent downturn as a temporary setback, with expectations of a bullish rebound in the near future. Following the release of better-than-expected employment data in the United States on June 7, cryptocurrencies such as Bitcoin, Ether, and altcoins experienced a decline. However, traders believe that this is merely a "shakeout" phase before the upward trend resumes.
On June 7, the well-known pseudonymous crypto trader, il Capo of Crypto, shared their perspective with their extensive following of 848,000 individuals, stating that there was a "strong sell-off into support" and that altcoins were particularly affected. They described the situation as a "shakeout," which typically occurs when a significant number of investors sell off their holdings simultaneously, often due to market or economic uncertainties.
Coinciding with this market downturn, the U.S. Employment Situation Summary Report revealed an unexpectedly high increase in jobs, contrary to the predictions of crypto analysts who anticipated a weaker employment report that could lead to a reduction in inflation and potentially push Bitcoin to new all-time highs.
Markus Thielen, the head of Research at 10x Research, had previously stated that a weaker employment report could result in rate cuts and that the upcoming Consumer Price Index (CPI) inflation report would play a crucial role. If the CPI remains at 3.3% or lower on a year-on-year basis, it could potentially drive Bitcoin to new record levels. However, despite the data showing a different trend, Thielen does not believe that the employment report directly caused the drop in the crypto market. In a report viewed by Cointelegraph, he mentioned that the sell-off occurred without a clear determining catalyst and described the employment data as "mixed."
Traders are closely monitoring key support levels as they anticipate a potential bullish rebound.$BTC
