According to 4E observations, the Consumer Confidence Index from the Conference Board in the U.S. has fallen to 97.4, below last month's level. The present situation index has dropped to its lowest since April, and the expectations index for the next six months has also declined. Signals from the job market are weak, with the proportion of people finding it 'hard to find work' rising to the highest point since 2021, reflecting economic concerns brought about by tariff policies and a cooling labor market. On a macro level, Trump's dismissal of Fed Governor Cook has raised concerns about the independence of the Federal Reserve. White House Economic Council Director Brainard has warned that this move could drive up inflation and long-term interest rates. Deutsche Bank has also pointed out that the rebound potential for the dollar is limited, as Powell struggles to balance monetary policy and political demands. The crypto market is focused on key price levels for Bitcoin. On-chain analyst Murphy states that $108,800 serves as the cost basis for short-term holders, representing the emotional divide between bulls and bears. If it falls below this level, this group may shift from unrealized gains to unrealized losses, leading to a potential panic shift in sentiment and short-term pressure on the market. CryptoQuant analyst Axel Adler Jr. adds that Bitcoin's current strong support level lies in the $100,000–$107,000 range, with the next support level at $92,000–$93,000 if it is breached. Overall, the combination of macroeconomic uncertainty and policy risks in the U.S. is intensifying market volatility, making the key technical support level for BTC a focus for bulls and bears. 4E reminds investors: Weak consumer confidence and employment data, combined with the politicization risk of the Federal Reserve, may continue to amplify market volatility. Investors are advised to pay attention to the performance of BTC support zones and adjust their positions flexibly in response to macro signals.

#BTC