The U.S. employment data is showing its impact on Bitcoin.
The latest employment data has not significantly changed the market's expectations for the Federal Reserve's interest rate cuts.
The data itself presents a kind of "mixed bag" state.
It is neither bad enough to force the Federal Reserve to immediately turn to easing, nor strong enough to support risk assets in continuing their frenzy.
The result is one word: awkward.
Against this backdrop, the market's expectations for larger and earlier interest rate cuts are cooling.
Assets like Bitcoin, which are highly sensitive to liquidity, naturally bear downward pressure.
Simply put, the logic is: without expectations of greater easing, the scope for liquidity imagination is limited.
Risk assets are first used to "reduce positions", which is not a single bearish factor, but a pullback caused by unmet expectations.
So currently, Bitcoin is not following a trend but is waiting for a clearer macro signal.
At this stage, don't rush to bet on direction; it is more important to control rhythm and positions.
The market has never been crushed by data, but rather has been slowly worn down by "unmet expectations."
