From the data and emotional perspective, after the US stock market opened yesterday, BTC fell from $100,000 to $96,000,
likely influenced by the poor expectations for tonight's non-farm payroll data and fear of height,
as rising unemployment and falling wage levels are detrimental to the US economy.
After that, the first wave of decline had basically stabilized and rebounded to around $99,000 by the end of the US market.
Around 6:30 AM, the concentrated sell-off may have been for contract gains or large investors exiting, and the second drop was not panic-driven; investor sentiment remains relatively stable.
Next, we will focus on whether $95,000 can hold after the non-farm payroll data is released tonight. Tomorrow is the weekend, and the market is dominated by sentiment with lower liquidity.
