On August 2nd, the US July non-farm employment added only 73,000, far below expectations, with significant downward revisions for May and June, and consecutive contractions in labor participation rate. The market quickly shifted to pricing in a potential October rate cut. The US dollar index plummeted, gold prices surged, and Fed's Bostic stated that the current environment is "very challenging" and is not planning to raise the 2025 rate cut forecast.
For BTC, the price declined after clearing buy orders and stabilizing, then fell below again; there are buy orders protecting the 112,000 level; however, the 117,500–118,000 range faces significant resistance, making short-term upward movement difficult, with the market turning cautious and waiting for more macroeconomic catalysts.
Bitunix analysts suggest: The unexpected non-farm data strengthened policy shift expectations, but BTC's rebound momentum remains weak. The price struggled to rebound and broke below 114,000 on low volume, indicating a bearish short-term outlook. Short-term attention should focus on the 112,000 support level. Short-term operations require flexibility, and investors should monitor next week's PMI data and US Treasury yield trends.
