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Bitcoin, Ether and the broader altcoin market experienced a downturn after United States employment data exceeded expectations on June 7. However, traders believe it’s a brief “shakeout” before the upward trend continues.
“Strong sell-off into support. Alts suffered more,” pseudonymous crypto trader il Capo of Crypto <a href="https://x.com/CryptoCapo_/status/1799144868717142088" target="_blank" rel="noopener nofollow">declared</a> to their 848,000 X followers on June 7.&nbsp;They added that 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 (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) 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 [year-on-year] is 3.3% or lower, it will likely push Bitcoin to new all-time highs,” 10x Research <a href="https://cointelegraph.com/news/bitcoin-new-high-slowing-us-inflation-employment-data">head of Research Markus Thielen stated on June 5</a>.
Although the data is showing a different trend, Thielen doesn’t believe the employment report directly caused the crypto market drop. “Crypto sold off at the end of Friday without a determining catalyst,” he stated in a June 7 report viewed by Cointelegraph, while claiming that the data was “mixed:”
<blockquote data-ct-non-breakable="true">
 “US employment data was mixed, with the unemployment rate climbing to 4.0% but an upside surprise in the number of jobs added. This was entirely due to an increase in part-time workers."
</blockquote>
<h3 data-ct-non-breakable="true" id="traders-are-watching-key-support-levels-closely">Traders are watching key support levels closely</h3>
Total jobs in the U.S. increased by 272,000 jobs in May, while the unemployment rate increased by 0.1%,&nbsp;<a href="https://www.bls.gov/news.release/pdf/empsit.pdf" target="_blank" rel="noopener nofollow">according</a> to the U.S. Bureau of Labor Statistics.&nbsp;
il Capo of Crypto explained if the key “support levels hold, we should see bullish continuation soon.”
<a href="https://cointelegraph.com/learn/how-to-buy-bitcoin-a-step-by-step-guide-to-buy-btc">Bitcoin fell</a>&nbsp;1.99% over the past 24 hours, dropping back down to $69,410. Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>)&nbsp;declined by 3.22%, while <a href="https://cointelegraph.com/learn/what-is-an-altcoin-a-beginners-guide-to-cryptocurrencies-beyond-bitcoin">altcoins suffered even</a> more significant losses; Pepe (<a href="https://cointelegraph.com/pepe-price-index">PEPE</a>) plunged 10.54%, Solana’s (<a href="https://cointelegraph.com/solana-price-index">SOL</a>) dropped 4.89%, and Dogecoin (<a href="https://cointelegraph.com/doge-price-index">DOGE</a>) tumbled 7.88%, <a href="https://coinmarketcap.com/" target="_blank" rel="noopener nofollow">according</a> to CoinMarketCap data.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/e862efac-770a-4e0b-a436-74b282b4971f.png" alt="" title="">
 <figcaption style="text-align: center;">
 Bitcoin is up 11.06% over the past 30 days. Source: CoinMarketCap
 </figcaption>
</figure>
Other traders also commented that the market’s peak is far off and suggested looking at the market decline as a buying opportunity.
“The real bull market hasn’t even started yet,” pseudonymous crypto trader Kaleo&nbsp;<a href="https://x.com/CryptoKaleo/status/1798812556326211601" target="_blank" rel="noopener nofollow">claimed</a> in a June 7 X post.
Related: <a href="https://cointelegraph.com/news/bitcoin-etf-flows-will-send-btc-price-into-parabolic-run-traders-say">Bitcoin ETF flows will send BTC price into ‘parabolic run,’ traders say</a>
“Small dip just before the weekend, not what I expected but we ball anyway.” pseudonymous crypto trader Jelle <a href="https://x.com/CryptoJelleNL/status/1799143585587069240" target="_blank" rel="noopener nofollow">wrote</a> on the same day.
“Bought some dips for a quick turnaround trade,” added Jelle.
Magazine: <a href="https://cointelegraph.com/magazine/bali-indonesia-crypto-digital-nomad-remote-work-cointelegraph-magazine/">Become a Bali crypto digital nomad like me: Here’s how</a>

Crypto market tumble seen as quick shakeout, traders expect ‘bullish’ rebound

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