💥💥💥 #CryptoMarket tumble seen as quick shakeout, traders expect 'bullish' rebound

Bitcoin ($BTC ), Ether ($ETH ), and the wider altcoin market faced a downturn post the release of robust U.S. employment data on June 7. This unexpected turn was viewed by traders as a temporary "shakeout" before resuming the upward trend.

Pseudonymous crypto trader il Capo of Crypto noted on June 7 a "strong sell-off into support," especially impacting altcoins, interpreting it as a market shakeout, where simultaneous selling occurs due to uncertainty.

The U.S. Employment Situation Summary Report revealed higher-than-expected job growth, contrary to analysts' predictions, potentially affecting decisions on inflation and Bitcoin's trajectory.

Markus Thielen, head of research at 10x Research, speculated that a weaker report could prompt rate cuts, while attention turns to the upcoming CPI inflation report.

Despite the unexpected data, Thielen suggested the employment report didn't directly trigger the crypto market drop, describing the data as "mixed," with an increase in part-time workers.

Traders are monitoring key support levels, with il Capo of Crypto suggesting a bullish continuation if these levels hold. Bitcoin dipped 1.99%, Ether 3.22%, and altcoins suffered more significant losses, like Pepe ($PEPE ) dropping 10.54%.

Other traders saw the downturn as a buying opportunity, expressing optimism about the market's long-term prospects. They view the recent dip as a precursor to a real bullish phase, indicating readiness to buy the dips for a potential quick turnaround trade.

Despite the market's reaction to the employment data, many traders anticipate a bullish continuation once the current shakeout stabilizes.

Source - cointelegraph.com