Non-farm data will directly determine the market's expectations for the Federal Reserve's interest rate decisions, and will also affect the short-term direction of Bitcoin. The easing of risk aversion triggered by Trump's tariff comments, strong U.S. employment data boosting the dollar and U.S. Treasury yields, as well as the market's cooling expectations for a June rate cut by the Federal Reserve. On Friday, the U.S. Department of Labor released the March non-farm employment data, which showed an increase of 177,000 jobs, exceeding the market's expectation of 130,000, indicating resilience in the labor market.
Strong data pushed up the 10-year U.S. Treasury yield and prompted the market to lower its bets on a rate cut by the Federal Reserve in June, which directly led to selling pressure on Bitcoin, showing a clear trend of correction after more than twenty days of continuous rise.
