Employment

4E: BTC breaks key support, the crypto market overall pulls back, waiting for US employment data

ChainCatcher news, in the past two days, the price of Bitcoin (BTC) has continued to weaken, retreating from a high of $105,000 to around $101,500, a decline of over 3%. Although there was an attempt to rebound earlier this week, it failed to successfully break through the key resistance level of $107,500, leading to a more conservative market sentiment.The entire cryptocurrency market has also seen a pullback, with the market capitalization dropping to about $2.3 trillion, down over 5% in 24 hours. Ethereum (ETH) has fallen below $3,700, and mainstream coins such as Solana (SOL) and Avalanche (AVAX) have also experienced varying degrees of decline. Analysts believe that the current market lacks clear catalysts for an upward movement, and funds are tending to be cautious.Meanwhile, the international financial market is also full of uncertainties. U.S. Treasury yields rose slightly on June 5, reflecting market divergence regarding the Federal Reserve's interest rate policy direction. Investors are closely watching the non-farm payroll data for May, which is set to be released this Friday. If the number of new jobs falls short of expectations, it may strengthen the market's bets on interest rate cuts within the year, thereby providing support for risk assets.Additionally, Federal Reserve Chairman Powell's recent remarks did not clearly address the economic outlook, raising concerns about "dovish expectations falling short." If the employment data is weak, it may reignite expectations for a rate cut in September, which could affect the short-term performance of assets like Bitcoin.4E reminds that the cryptocurrency market is at a critical juncture of macroeconomic games and technical adjustments, and advises investors to remain patient and wait for further clarity from the Federal Reserve and economic data.
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