Bitcoin (BTC) fell below $69,000 on the 8th and saw a slight rebound within 48 hours, now trading close to $70,000. DWF partners predict that if Bitcoin does not lose market confidence in the near future, it will usher in a bull market in the coming months.
Bitcoin experienced a sharp drop from above $71,000 to below $69,000 in the early hours of the 8th, with market sentiment turning negative due to the U.S. Department of Labor’s release of May non-farm payroll data showing an unexpected increase of 272,000 people, far exceeding the expected 190,000. Experts estimate that the pace of interest rate cuts in the United States will be hindered once again.
After two days, Bitcoin stopped falling and oscillated from the $69,000 level, now trading at $69,600.
Source: Binance Spot Market
On the other hand, Ethereum (ETH) dropped below $3,600 on the 8th, maintained a slight rebound over the next 48 hours, and is now trading at $3,682.
Source: Binance Spot Market
Although Bitcoin underwent a consolidation on the 8th, it remains above the average line compared to the 7th, maintaining relatively high market confidence. Ethereum, on the other hand, has maintained the average level of the 7th before the ETF spot ETF is listed, and the price increase caused by ETF inflows has not yet fully developed.
DWF partner: A bull market is expected in the coming months
Andrei Grachev, a well-known market maker and partner at DWF Labs, expressed a strong opinion on the future market. He tweeted that since March 2024, the Google search volume for altcoins has been continuously declining.
Grachev pointed out that the stable Bitcoin price indicates unwavering market confidence, but in the near future, Bitcoin is unlikely to increase 50 times, while altcoins may. Some cryptocurrency investors believe that Grachev’s estimation logic is too simple, while others are optimistic about DWF’s observations on altcoins.
In a recent update from DWF Labs, they announced in early June that they would increase their holdings of the FLOKI token by $12 million to strengthen support for the Floki ecosystem.
Source: Binance Spot Market
Related Reports
10 Companies with the Most Bitcoin Holdings, You Might Like Their Stocks
Non-farm Payrolls “Far Exceed Expectations” Bitcoin Falls Below $68,300, Ethereum Breaks $3,600, Is it a Good Buying Opportunity?
Rich Dad Calls: Bitcoin to Hit $350,000 on August 25! Buy BTC, ETH, and Solana Now
