Cryptocurrency traders believe that the recent market downturn is just a "shakeout" and there is a "bullish continuation" on the horizon.), and the broader altcoin market tumbled after United States employment data exceeded expectations on June 7. However, traders believe the downturn is just a brief"shakeout" before the"bullish" trend continues.to their 848,000 X followers on June 7.
On the same day, the U.S. Employment Situation Summary Report revealed a higher-than-expected increase in jobs, contradicting crypto analysts' predictions that a weaker employment report would put pressure on the decision to lower inflation, and Bitcoin would hit new highs as a result. “A weaker surprise could bring back rate cuts, and next week, we will get the CPI inflation report. If CPI is 3.3% or lower, it will likely push Bitcoin to new all-time highs,” 10x ResearchHowever, total jobs in the U.S. increased by 272,000 jobs in May, and the unemployment “changed little” increasing 0.1% to 4%,il Capo of Crypto explained if the key"support levels hold, we should see bullish continuation soon.
Bitcoin fell 1.99% over the past 24 hours, dropping back down to $69,410. Ethereum declined by 3.22%, while altcoins suffered even more significant losses, PEPE plunged 10.54%, Solana decreased by 4.89%, and DOGE tumbled 7.88%, according to CoinMarketCapOther traders also commented that the market's peak is far off and suggested looking at the market decline as a buying opportunity.