Watching BTC tonight, I’m leaning towards short-term consolidation with a slightly weaker bias. The reason isn’t complicated. Last night, the U.S. March non-farm payrolls came in higher than expected, and the unemployment rate dropped. This pushed back market expectations for the Fed to cut rates soon. Meanwhile, the 10-year U.S. Treasury yield ticked up again. For BTC, this isn’t exactly good news—it at least signals that liquidity isn’t looking strong for now. On the other hand, the Middle East situation hasn’t really calmed down yet. The Hormuz Strait risks are still there, oil prices are fluctuating at high levels, and global markets are becoming more sensitive to the idea of inflation making a comeback. As long as oil prices don’t drop significantly, it won’t be easy for risk assets to push upward smoothly. Within the crypto space, things aren’t particularly strong either. JPMorgan’s latest stats show that overall crypto fund flows in Q1 were noticeably weaker compared to the same period last year, indicating that the enthusiasm for chasing prices from the sidelines isn’t as high. But don’t get overly bearish—ETFs and institutional support are still there, which means there’s still some buying interest below. So here’s my take: From tonight to tomorrow, BTC is more likely to see repeated tug-of-war at high levels, leaning slightly bearish. But it’s probably going to stay in a consolidation phase rather than crashing in a straight line. If it pushes higher, selling pressure will likely emerge; if it dips lower, institutional buying will probably step in.