After reviewing this US non-farm payroll data, my biggest feeling is that the current market has entered a state of "nobody dares to make the first move."

In April, the US added 115k jobs, well above market expectations, and the unemployment rate remained steady at 4.3%. Many people's first reaction is that rate cuts will be delayed further.
But if you look closely, you'll see that things are not as strong as they appear on the surface.
Because wage growth is actually below expectations. Both annual and monthly wage growth have not continued to accelerate, indicating that although employment can still hold up, ordinary people's incomes have not improved significantly. In plain terms, jobs may still be available, but making money is not getting any easier.
Moreover, the labor force participation rate is still declining, which means some people have already started giving up on looking for work. So, the current US economy is actually very much like a "superficially stable" state. The data looks decent, but underlying pressures haven't truly disappeared.
This is also why the Federal Reserve's most comfortable choice right now is to keep rates steady.
There's no rush to cut rates to boost the economy because employment hasn't worsened for now; nor is there a need to hike again because wages and inflation are still under control. What they want most now is to keep observing.
In fact, the entire market is now in this kind of state.
The US stock market is still holding high, gold is struggling to move up, and Bitcoin is increasingly looking at US data for direction. Many used to think that the crypto market could move independently, but over the past two years, it's become more obvious that BTC is gradually becoming part of the global liquidity pool.
When US data is stronger, the market worries about no rate cuts; when data is weaker, it starts fearing an economic recession. What everyone is trading now is not simply a bull or bear market, but rather what the Federal Reserve will choose next.
But I think one point is quite important.
After this data was released, Bitcoin didn't experience a significant drop, and some altcoins even rebounded. This shows that although the market is tense, sentiment hasn't completely turned bearish. Because everyone knows that as long as we don't re-enter a rate hike cycle, liquidity hasn't truly shut down.
What will really determine the trend next might still be inflation.
If CPI continues to cool down, the market will start to expect rate cuts again; but if factors like oil prices and tariffs push inflation back up, risk assets could face a new round of pressure.
At this stage, the hardest part isn't really about being bullish or bearish, but that the market is hesitating every day.
Many people always want to wait for a very clear direction, but the big trend often emerges gradually amid this kind of wavering and disagreement.