Bitcoin (BTC), Ethereum (ETH) and the broader altcoin market have seen a decline

Bitcoin (BTC), Ethereum (ETH) and the broader altcoin market saw declines after US jobs data beat expectations on June 7. However, traders believe that this is only a brief “blip” before the uptrend continues.

“Strong sales to be sustained. “Altcoins have suffered the most,” announced the pseudonym El Capo de Crypto to his 848,000 subscribers on June 7. They added that it “feels like a shake,” which is when a large number of investors sell at the same time, usually due to market or economic uncertainty.

On the same day, the US Employment Situation Summary Report revealed a higher-than-expected increase in employment, contradicting cryptocurrency analysts’ expectations that a report on Weaker employment would put pressure on the decision to reduce inflation and Bitcoin would reach new highs. as a starting point. a result.

“A weaker surprise could lead to a rate cut, and next week we will receive the CPI inflation report. “If the CPI (on an annual basis) is 3.3% or lower, that will likely push Bitcoin to all-time highs,” said Markus Thelen, head of research at 10x, on June 5.

Although the data shows a different trend, Thielen does not believe the jobs report directly caused the decline in the cryptocurrency market. “Cryptocurrencies sold off late Friday without a specific catalyst,” he said in a June 7 report seen by Cointelegraph, while claiming the data was “mixed”:

“US jobs data was mixed, with the unemployment rate up to 4.0% but a positive surprise in the number of jobs created. “This is entirely due to the increase in part-time workers.”

Traders closely watching key support levels

In the United States, total employment increased by 272,000 in May, while the unemployment rate increased by 0.1%, according to the United States Bureau of Labor Statistics.

Crypto’s El Capo explained that if “key support levels hold, we should see a bullish continuation soon.”

Bitcoin fell 1.99% over the past 24 hours, falling back to $69,410. Ethereum fell 3.22%, while altcoins suffered larger losses, PEPE by 10.54%, Solana by 4.89% and DOGE by 7.88%, according to data from CoinMarketCap.

Bitcoin is up 11.06% over the past 30 days. Source: CoinMarketCap

Other traders also pointed out that the market peak was still far away and suggested viewing the market decline as a buying opportunity.

“The real bull market hasn’t started yet,” crypto trader pseudonym Kaleo asserted in a June 7 post.

about: Traders say Bitcoin ETF inflows will send the price of Bitcoin on a “parabolic path.”

“A little hungry before the weekend, not what I expected but we’re still playing.” Cryptocurrency trader “Jelly” wrote under a pseudonym on the same day.

“I bought a few dips for a quick turnaround in trading,” Gilley added.

review: Become a digital crypto nomad in Bali like me: here’s how

Leave a Reply

Your email address will not be published. Required fields are marked *