The post Crypto market tumble seen as quick shakeout, traders expect ‘bullish’ rebound appeared on BitcoinEthereumNews.com.

Cryptocurrency traders believe that the recent market downturn is just a “shakeout” and there is a “bullish continuation” on the horizon. 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 declared to their 848,000 X followers on June 7. 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 (BTC) would hit new highs as a result. Read more Source: https://cointelegraph.com/news/crypto-market-traders-united-states-labor-employment

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Filed under: News - @ June 9, 2024 4:14 pm