On the last working day of the week, the final short-term trouble has also been resolved. The non-farm payroll data released on Friday was quite good, with the unemployment rate remaining at last month's 4.2% and not continuing to rise. This is considered a positive sign for the U.S. economy, especially after just navigating the GDP turbulence. The unemployment rate also kept April's economic data from looking too bad. Although the employment data was lower than the previous value, it exceeded expectations, especially after the previous value was revised down, making the difference less noticeable.
Only wage levels saw a slight decline, with the annual rate the same as last month and a monthly decrease of 0.1%. This data is also welcomed by the Federal Reserve, so this non-farm payroll data has helped the U.S. temporarily escape the troubles of economic recession, although there may still be some downward pressure, it has been labeled as a moderate decline.
As a result, risk markets have risen again, with the first target still being to return to the drop caused by tariffs on February 25, leaving about 5% room for growth. Before the U.S. stock market closed, both the Nasdaq and S&P rose by more than 1.5%, and $BTC remained relatively stable around $97,000, especially since today is Friday, and the next two days will see market sentiment dominate.
Today was still a day of back-and-forth between the U.S. and China regarding tariffs, but the market has already built sufficient expectations around the tariff issue. As long as Trump doesn't create a scare, there shouldn't be too much impact. However, because of this, the market's expectations for the Federal Reserve's interest rate cuts have also decreased, from four cuts to three, and there is no longer an expectation that the Federal Reserve will cut rates in June.
Looking back at Bitcoin's data, the market's performance is still relatively flat, but short-term investors are showing signs of exiting early, and the turnover rate has increased somewhat. After all, $BTC above $97,000 has allowed investors who were trapped in the first quarter to break even. If there were any bottom-fishing in the first quarter, there are still decent profits now.
Additionally, as mentioned before, the range between $93,000 and $98,000 is both a solid bottom-building position and the current resistance level. Currently, BTC in this range has accumulated over 2.6 million coins, which is almost the overall liquidity of the short-term market.
As long as investors in this range do not collapse, there is still good optimism for the price.
This post is sponsored by @ApeXProtocolCN | Dex With ApeX
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