After a surprising tumble in the cryptocurrency market, brought about by better-than-expected jobs data in the United States, traders are confident that this is merely a brief downturn before a solid rise continues. Bitcoin, Ether and other major digital currencies took a hit after the U.S. employment statistics were announced, triggering a large-scale sell-off among investors. However, this situation, often referred to as a “shakeout”, is perceived by seasoned traders as a temporary setback due to market fluctuations.
Many crypto analysts had been grappling with the idea that a dip in employment figures could lead to pressure being placed on the decision to decrease inflation, pushing bitcoin to new heights. Despite this, the “bullish” trend is still expected to carry on with the significant rise in part-time jobs being viewed as a positive for the market.
Bitcoin has experienced a minor dip, bringing its value to $69,410 with a 1.99% drop. Ether is not far behind with a 3.22% decline, but it’s the alternative coins (altcoins) that have suffered more drastic losses. The keen eyes of traders are currently focused on vital support levels. If these remain stable, the crypto-market is anticipated to gain bullish traction shortly.
Leading cryptocurrencies are now being viewed as a potential investment opportunity by many traders. Adding fuel to the optimistic outlook, one trader was heard saying, “The real bull market hasn’t even started yet.” Although the recent dip was unexpected, others see it as an opportunity to make quick turnaround trades. Indeed, fortunes in the volatile crypto-marketplace could turn on a dime.