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Recent market decline is just a jolt ahead of potential bullish continuation


last monthSteemit2 min read

The pullbacks that in recent days have developed the price action in the major cryptocurrencies by market capitalization has been interpreted as a shakeout before potential bullish continuation.

In an article reported by Ciaran Lyons for news portal Cointelegraph has mentioned that, “Bitcoin, Ether and the overall altcoin market experienced a dip after U.S. jobs data beat expectations on June 7. However, traders believe that this is a brief “shakeout” before the uptrend continues."

On the other hand, the aforementioned article also reads the following, “the summary report on the U.S. employment situation revealed a larger-than-expected increase in jobs, contradicting crypto analysts' predictions that a weaker jobs report would pressure the decision to lower inflation, and Bitcoin would hit new highs as a result”

In this regard and according to Markus Thielen current head of Research at 10x Research, “The U.S. employment data was mixed, with the unemployment rate rising to 4.0%, but an upside surprise in the number of jobs added. This was entirely due to an increase in part-time workers."

Finally, some traders also commented that the market peak is far away and suggested viewing the market decline as a buying opportunity. “The real bull market has yet to begin,” stated crypto trader Kaleo in a post published on June 7 on X.


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


The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph


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