Crypto Market Dips Amid Strong U.S. Job Report; Traders Predict Bullish Rebound

Bitcoin, Ether and Altcoin Market Experience Temporary Downturn

Following the release of stronger-than-expected U.S. employment data on June 7, the cryptocurrency market faced a brief decline. However, traders are viewing this downturn as a temporary shakeout before the market resumes its upward trend.

"Strong sell-off into support. Alts suffered more," tweeted pseudonymous crypto trader il Capo of Crypto to their 848,000 followers.

They described the situation as a "shakeout," where investors sell off simultaneously due to market uncertainty.

The U.S. Employment Situation Summary Report revealed a higher job increase than anticipated, which surprised crypto analysts who had predicted a weaker report could lead to inflation-lowering decisions and potentially push Bitcoin to new highs.

Despite the unexpected data, analysts do not attribute the crypto market drop directly to the employment report.

"Crypto sold off at the end of Friday without a determining catalyst," stated Markus Thielen, head of research at 10x Research.

Traders are closely monitoring key support levels. The U.S. added 272,000 jobs in May, while the unemployment rate increased by 0.1%, according to the U.S. Bureau of Labor Statistics.

il Capo of Crypto noted that if the key "support levels hold, we should see bullish continuation soon."

Bitcoin fell 1.99% over the past 24 hours, dropping to $69,410. Ether declined by 3.22%, while altcoins experienced even more significant losses, including:

• Pepe: -10.54%
• Solana: -4.89%
• Dogecoin: -7.88%

Some traders believe that the market's peak is still ahead and view the decline as a buying opportunity.

"The real bull market hasn't even started yet," tweeted pseudonymous crypto trader Kaleo.

"Bought some dips for a quick turnaround trade," added another trader.