Weak employment data, market reacts as Bitcoin breaks key support level

According to HashKey, based on analysis data from Matrixport, Bitcoin has fallen below the key technical support level of $112,000 in recent weeks, leading to changes in market conditions. Analysts point out that the recent decline has extended the seasonal weakness seen in August and is influenced by uncertainties from downgraded labor market data. A similar situation occurred at the same time last year when the Federal Reserve unexpectedly cut rates by 50 basis points due to market pressure. Currently, the market is anticipating two rate cuts, with the first expected to occur in September. Before improvements in economic and market fundamentals, risk assets may continue to perform weakly.