Two data sets were released at 8:30 PM tonight:

Initial Jobless Claims: Reported at 215k, lower than the expected 225k and the previous 227k, indicating a still tight labor market, which is theoretically bearish for risk assets and bullish for the dollar.
Core PCE: Reported at 3.4%, in line with expectations, up from 3.3% previously. The data met expectations, with no upside surprise, removing the market's prior concern about an unexpected rise in inflation.

Looking at both together, while the employment data is strong, the market's focus is more on inflation. Core PCE did not exceed expectations, meaning there is no increased pressure on the Fed to tighten policy further in the short term, and rate cut expectations are temporarily maintained. As a result, risk appetite saw a phased recovery, with Bitcoin finding support near 61k and rebounding.

From the market reaction, this rally is more of an emotional release after "uncertainty removal" rather than a shift in the fundamental trend. Inflation is still at a high of 3.4%, far from the 2% target, and the medium-term monetary policy path remains unclear. The current movement is tentatively characterized as a technical rebound within a range. The upper resistance area is around 62k-62.5k. If volume supports, it may test higher levels, but the medium-term bearish bias has not changed due to a single data point. Moving forward, attention should remain on next month's CPI and the Fed's statements.
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