Traders view the crypto market dip as a brief shakeout, anticipating a ‘bullish’ recovery.

Cryptocurrency traders view the recent market downturn as merely a ‘shakeout’ and foresee a ‘bullish continuation’ ahead.

Bitcoin (BTC) at $69,315, Ethereum (ETH) at $3,683, and the broader altcoin market experienced a downturn after United States employment data exceeded expectations on June 7. However, traders believe this is merely a brief “shakeout” before the upward trend resumes.

“Strong sell-off into support. Alts suffered more,” declared pseudonymous crypto trader il Capo of Crypto to their 848,000 X followers on June 7. They described the situation as a “shakeout,” a term used when many investors sell off simultaneously, typically 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 pressure the decision to lower inflation and subsequently push Bitcoin to new highs.

“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,” stated Markus Thielen, head of Research at 10x Research, on June 5.

Despite the data indicating a different trend, Thielen does not believe the employment report directly caused the crypto market drop. “Crypto sold off at the end of Friday without a determining catalyst,” he noted in a June 7 report viewed by Cointelegraph, while describing the data as “mixed.”

“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.”

Traders are closely monitoring key support levels

According to the U.S. Bureau of Labor Statistics, total jobs in the U.S. increased by 272,000 in May, while the unemployment rate rose by 0.1%.

Il Capo of Crypto noted that if the key support levels hold, a bullish continuation is expected soon.

Bitcoin fell 1.99% over the past 24 hours, dropping to $69,410. Ethereum declined by 3.22%, and altcoins experienced even greater losses: PEPE plunged 10.54%, Solana decreased by 4.89%, and DOGE tumbled by 7.88%, according to CoinMarketCap data.

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

Other traders echoed the sentiment that the market’s peak is still distant and suggested viewing the market decline as a buying opportunity.

“The real bull market hasn’t even started yet,” claimed pseudonymous crypto trader Kaleo in a June 7 X post.

Small dip just before the weekend, not what I expected, but we ball anyway,” wrote pseudonymous crypto trader Jelle on the same day.

“Bought some dips for a quick turnaround trade,” Jelle added.