Why did the non-farm payrolls currency price dive? Can it still rise?

The latest data from the U.S. Bureau of Labor Statistics is like a shock bomb, completely breaking the market calm. The growth of non-agricultural employment in July was only 114,000. This number is not only the lowest since December 2020, but also far deviates from the market consensus of 175,000. Compared with the previous value of 206,000, it shows There is a significant downward trend. This data undoubtedly casts a shadow over the prospects of the US economy.

At the same time, the rise in the unemployment rate in July was even worse, increasing by 0.2 percentage points from the previous month to 4.3%, setting a new high since October 2021 and exceeding market expectations of 4.1%.

Prior to this, the continued contraction of U.S. ISM manufacturing activity and the surge in the number of initial jobless claims foreshadowed the approaching storm. The market seems to be pulled by an invisible force and enters a vicious circle where "bad news is the norm". Weak job growth, rising unemployment and slowing wage growth are all exacerbating concerns about an economic recession.

In this context, the virtual market also shows its unique charm. Before the data was released, the price fluctuated and rose, trying to stabilize at a high of 7w. However, the good times did not last long, and there was a plunge after the news was announced. This dramatic turn confused many investors. Why is the non-agricultural data so bad, but Bitcoin took the lead to rise first and then fall, and even fell sharply!

Against the general background, we are still optimistic about the mid- to long-term trend. This is also the general direction we have been adhering to since the second half of 2023. From the perspective of form and rhythm, they are all obvious bullish arrangements, and the bullish rhythm is obvious. As it surged above 6w, the pressure above gradually increased, so that there was a pullback every time it surged. This has obviously become the norm. This kind of pullback can be viewed as a correction, and can also be regarded as pulling people back. With the help of each pullback, After a round of correction, just continue to be bullish. 73,000 will not be a high point, and 7w will not be the high point of this round of bulls. This position will definitely be refreshed. For the next trend of this year, there is no highest, only higher! #美国7月非农就业增长放缓 #美联储何时降息？ #美国政府转移BTC #超级央行周 $BTC