Crypto market tumble seen as quick shakeout, traders expect ‘bullish’ rebound
Cryptocurrency traders believe that the recent market downturn is just a “shakeout” and there is a “bullish continuation” on the horizon.
Bitcoin (BTC), Ethereum (ETH), and the broader altcoin market experienced a downturn after United States employment data exceeded expectations on June 7. However, traders believe that it is a brief “shakeout” before the upward trend continues.
“Strong sell-off into support. Alts suffered more,” pseudonymous crypto trader il Capo of Crypto declared to their 848,000 X followers on June 7. They added it “looks like a shakeout” — which is when a large number of investors sell-off at the same time usually due to market or economic uncertainty.
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.
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Author: Ciaran Lyons
