Since July this year, the price of Bitcoin has continued to fluctuate in the range of US$55,000 to US$70,000. During this period, Bitcoin once rose to US$69,799, but quickly fell back.

Many institutions predict that in the absence of a strong catalyst, the price of Bitcoin will continue to fluctuate in this range in the next few months.

The cause of this tragedy in the currency circle is: the US July non-farm employment data and unemployment rate both broke out! The former was expected to be 175,000, but the actual number was 114,000, which was much lower than expected.

In terms of unemployment rate, the market expected 4.1%, and the actual number was 4.3%, which was much higher than expected. In addition, the salary growth rate was lower than expected, and the employment data that had been announced in the previous two periods were also revised down.

The big surprise in the employment market data, coupled with the manufacturing PMI that was significantly lower than expected yesterday, all indicate a problem: the US economy may be entering a recession in a nonlinear way.