[Analysis: Weakening U.S. employment data combined with tech stock sell-off, BTC falls below 200-week moving average, possibly entering a deep bear market] According to Cointelegraph, data shows that Bitcoin has fallen below the 200-week moving average (EMA), potentially entering a deep bear market phase. Nick Ruck, Director of VRG Research, stated that Bitcoin's decline occurred against the backdrop of heightened risk-averse sentiment, driven by weak signals from the U.S. job market, including a rise in unemployment claims, which has raised doubts about the sustained strength of the economy and the Federal Reserve's cautious stance on aggressive rate cuts. Jeff Ko, Chief Analyst at CoinEx Research, pointed out that Bitcoin's over 20% pullback within a week coincided with a sell-off in U.S. tech stocks, as investors reassess Bitcoin's failure to act as a safe-haven asset compared to gold. Overall, market sentiment has significantly weakened in the short term, but institutional and long-term allocation funds are still observing how changes in the macro and liquidity environment will impact crypto assets.