Traders see the cryptocurrency market downturn as a short-term “shakeout.”

Cryptocurrency markets suffered a sell-off on June 7 after U.S. jobs data beat expectations, with Bitcoin down nearly 2% and Ethereum down more than 3%. However, many traders see this as simply a temporary “shake” before the broader uptrend continues.

The catalyst was the employment situation in the United States Summary showing 272,000 new jobs added in May, contradicting predictions that a weaker report could force the Fed to ease inflation-fighting measures and be bullish on cryptocurrency prices.

“A weaker surprise could bring back rate cuts, and Bitcoin would likely hit new all-time highs.” She said Markus Thielen, head of research at 10x Research, a few days before the data release.

While Thielen doesn’t believe the employment numbers directly caused the cryptocurrency decline, the data paints a mixed picture according to his analysis: “The unemployment rate rose to 4.0% but there was a surprise at increase in jobs added, entirely due to an increase in part-time workers.”

The decline hit altcoins particularly hard, with Pepe plunging more than 10%, Solana nearly 5%, and Dogecoin plunging nearly 8%. But many traders remain bullish for the long term.

“Heavy sell-off in support. Sounds like a shakeup,” tweeted popular crypto analyst the Chief of Crypto

While this is an unwanted jolt, the prevailing sentiment is that it is simply a minor speed bump on cryptocurrencies’ road to broader adoption and higher prices in the coming months. The market’s ability to recover from this decline will provide a key test of the bull case.

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