Crypto Market Tumble Seen As Brief Shakeout, Rebound Expected

Crypto traders consider the recent market downturn a temporary “shakeout,” predicting a “bullish continuation” ahead, the company said. Bitcoin, Ethereum, and the broader altcoin market experienced declines after U.S. employment data exceeded expectations on June 7, the company announced.

Pseudonymous crypto trader il Capo of Crypto described the situation as a “shakeout” due to economic uncertainty, the company declared. The U.S. Employment Situation Summary Report on June 7 revealed unexpected job growth, contrary to analysts’ predictions of a weaker report aiding Bitcoin, the company stated. Markus Thielen of 10x Research suggested that lower CPI inflation data might push Bitcoin to new highs despite mixed employment data, the company said.

Although the employment report showed an increase of 272,000 jobs in May and a slight rise in the unemployment rate to 4.0%, Thielen did not believe it directly caused the crypto market drop, the company explained. Thielen highlighted that the crypto sell-off at the end of Friday occurred without a determining catalyst, indicating mixed data might have influenced the market reaction, the company reported.

Crypto Market Experiences Notable Drop

Bitcoin’s price fell 1.99% over the past 24 hours, dropping to $69,410, while Ethereum declined by 3.22%, and altcoins suffered even more significant losses, with PEPE plunging 10.54%, Solana decreasing by 4.89%, and DOGE tumbling by 7.88%, the company noted. Il Capo of Crypto highlighted that if key support levels hold, the company stated that a bullish continuation is expected soon.

The company said that other traders also viewed the market downturn as a buying opportunity, with pseudonymous trader Kaleo asserting that the real bull market has not yet started. The company concluded that another trader, Jelle, mentioned buying dips for a quick turnaround trade, adding confidence to the outlook for a market rebound.

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