Bitcoin (BTC) fell below $69,000 on the 8th, and after fluctuating slightly in the next 48 hours, it is now close to $70,000. DWF partners estimate that if Bitcoin does not lose market confidence in the near future, it will usher in a bull market in a few months.
Bitcoin plummeted from above $71,000 to below $69,000 in the early hours of the 8th, with market reactions turning negative due to the US Department of Labor’s announcement of a significant increase of 272,000 in non-farm payroll data for May, far exceeding the expected 190,000. Experts predict that the pace of US interest rate cuts will be hindered again.
After two days, Bitcoin stopped falling at the $69,000 level and is now trading at $69,600.
Source: Binance Spot Market
On the other hand, Ethereum (ETH) fell below $3,600 on the 8th, then slightly rebounded in the next 48 hours, and is now trading at $3,682.
Source: Binance Spot Market
Despite Bitcoin’s consolidation on the 8th, compared to the market conditions on the 7th, it still stands above the average line, maintaining relatively high market confidence. Ethereum remains at the average level on the 7th before the ETF spot ETF is listed, and the increase caused by ETF inflows has not yet fully materialized.
DWF partner: A wave of bullish markets expected in the coming months
Andrei Grachev, a well-known market maker and partner at DWF Labs, has a strong view 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 equals unshaken market confidence, but in the near future, Bitcoin is unlikely to rise by 50 times, while altcoins may. Some crypto investors believe that Grachev’s estimation logic is too simple, but 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.
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