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The non-farm payroll data will be released tonight at 8:30 PM, with the overall expectation leaning bearish.
The unemployment rate is forecasted at 4.3%, the same as the previous data, which is not considered poor performance.
However, the new non-farm jobs are only expected to increase by 85k, significantly less than the previous 115k, indicating that US employment is gradually cooling down.
If employment data is weak, the market will bet on the Federal Reserve cutting interest rates, which is generally good for cryptocurrencies like Bitcoin.
But if the data turns out to be extremely poor, the market will worry about an economic recession, and funds will immediately run away, selling off risk assets.
Additionally, the market has been weakening recently, so tonight is likely to see a slight rebound or pullback, followed by continued decline. $BTC $ETH