$BTC U.S. non-farm employment in April declined as expected but came in better than forecast. Employment data showed resilience beyond market expectations, which indirectly indicates that the U.S. economy has not weakened rapidly. This will directly weigh on the market’s rate-cut expectations and is bearish for risk assets.

Judging from the big-btc chart, the four-hour plus one-hour cycles are already resonating to the downside. With the non-farm news landing as bullish for the U.S. dollar and bearish for crypto assets, the short-side logic is further reinforced. In the evening, the market is more likely to continue the pattern of pushing up then falling back, with downward pressure and a pressured downward trend, providing yet another layer of fundamental support for short positions.