ARK Invest founder Cathie Wood firmly stated: "We are still in a Bitcoin bull run." This optimistic sentiment quickly sparked heated discussions in the market, especially against the backdrop of Bitcoin (BTC) breaking through $109,000 and entering a high-level consolidation, coupled with the non-farm employment data for June exceeding expectations, leading to increased divergence among investors regarding the sustainability of the bull run.
1. Non-farm data exceeds expectations: interest rate cut expectations cool down, market sentiment shifts.
On July 3rd at 20:30 (UTC+8), the U.S. Department of Labor released the June non-farm employment data, with an increase of 147,000 jobs, exceeding the expected 110,000 and the previous value of 139,000. The unemployment rate dropped to 4.1%, lower than the expected 4.3% and the previous value of 4.2%, hitting a three-month low. Strong data weakened expectations for a Fed rate cut in July, putting pressure on BTC prices to pull back. Technical indicators show a short-term bearish dominance, but the long-term trend remains intact. The strong performance of the labor market alleviated concerns about the economy.