At 2 a.m. on the 8th, Bitcoin once fell sharply from above US$71,000 and fell below US$69,000. The reason for the general market reaction was that the US Department of Labor released non-farm employment data for May, with a sudden increase of 272,000. The number exceeded expectations by 190,000. Experts predict that the pace of U.S. interest rate cuts will be hindered again.
After two days, Bitcoin stopped falling from the level of $69,000 and is now trading at $69,600.
As for Ethereum (ETH), it fell below US$3,600 on the 8th. It remained volatile and rebounded slightly in the next 48 hours, now trading at US$3,682.
Although Bitcoin's scale converged on the 8th, compared with the market trend within 7 days, it still stood firmly above the average line, and the market still maintained relatively high confidence. Ethereum, on the other hand, maintained its 7-day average level before the ETF spot ETF was launched, and the gains caused by ETF inflows have not yet fermented.
DWF Partner: There will be a bull market in a few months
Andrei Grachev, a partner at the well-known market maker DWF Labs, expressed a strong view on the market outlook. He tweeted that since March 2024, the number of Google searches for Altcoin has continued to decline.
Extended reading: Can Google search popularity really predict the trend of Bitcoin? Analysis of bulls and bears over the years for you to see
Grachev pointed out that the price of Bitcoin remains stable, which means that market confidence is not lost. However, it is impossible for Bitcoin to rise 50 times in the recent market, but Altcoin can.
If Bitcoin prices remain stable, I expect a bull run in a few months, but this does not constitute investment advice!
Under Grachev's tweet, some crypto investors believed that his estimation logic was too simple, while others were optimistic about DWF's wind direction observation on Altcoin.
DWF Labs’ recent news, announced in early June that it would increase its position in FLOKI tokens by US$12 million to strengthen support for the Floki ecosystem.
