Cryptocurrency traders view the recent market downturn as a brief "shakeout" and predict a "bullish continuation" is imminent. Following the release of stronger-than-expected U.S. employment data on June 7, Bitcoin (BTC), Ether (ETH), and the broader altcoin market experienced a decline. However, traders are optimistic about a swift recovery.

Pseudonymous crypto trader il Capo of Crypto, who has 848,000 followers on X, described the sell-off as a "shakeout," a market phenomenon where a large number of investors sell off simultaneously due to uncertainty. "Strong sell-off into support. Alts suffered more," il Capo of Crypto tweeted, suggesting that the market is poised for a rebound.

The U.S. Employment Situation Summary Report for May revealed a higher-than-expected increase in jobs, countering predictions by crypto analysts who had anticipated a weaker report. Markus Thielen, head of Research at 10x Research, noted on June 5 that a weaker employment report could have led to rate cuts and pushed Bitcoin to new highs. He added, "If CPI [year-on-year] is 3.3% or lower, it will likely push Bitcoin to new all-time highs."

Despite the mixed data—showing an increase of 272,000 jobs and a 0.1% rise in the unemployment rate to 4.0%—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 stated in a June 7 report viewed by Cointelegraph.

As of the latest data, Bitcoin fell by 1.99% over the past 24 hours, dropping to $69,410. Ether declined by 3.22%, while altcoins suffered more significant losses: Pepe (PEPE) plunged 10.54%, Solana (SOL) decreased by 4.89%, and Dogecoin (DOGE) tumbled by 7.88%, according to CoinMarketCap.

Traders are closely watching key support levels. "If the key support levels hold, we should see bullish continuation soon," il Capo of Crypto explained. Other traders echoed this sentiment, viewing the market decline as a buying opportunity.

Pseudonymous trader Kaleo asserted in a June 7 post on X, "The real bull market hasn't even started yet." Another trader, Jelle, commented, "Small dip just before the weekend, not what I expected but we ball anyway," adding that they bought some dips for a quick turnaround trade.

Overall, the sentiment among traders remains positive, with many expecting a swift rebound and continued bullish momentum in the cryptocurrency market.