Weak US employment data and tech stock sell-off drag Bitcoin below 200 week moving average

Data shows that Bitcoin has fallen below the 200 week moving average (EMA) or entered a deep bear market phase. VRG Research Director Nick Ruck pointed out that this decline occurred against the backdrop of intensified risk aversion sentiment, weak signals in the US job market, including an increase in unemployment claims, raising questions about the strength of economic recovery and the possibility of aggressive interest rate cuts by the Federal Reserve. Jeff Ko, Chief Analyst at CoinEx Research, stated that over 20% of Bitcoin's pullback within a week was accompanied by a sell-off in US tech stocks, prompting investors to reassess its failure to play a safe haven role like gold. Market sentiment has significantly weakened in the short term, but institutions and long-term funds are still concerned about the impact of the macro and liquidity environment on cryptocurrency assets.