U.S. non-farm payroll data for July will be released tonight, with expectations for an increase of 110,000 jobs and an unemployment rate rising to 4.2%. This will significantly impact the Fed's decision on interest rate cuts in September.

If the data is below 100,000, the dollar will be under pressure and gold prices will rebound; if it exceeds 150,000, the likelihood of two rate cuts will evaporate, and the crypto market may continue to consolidate.

This is related to the rebound in June PCE inflation, with the probability of rate cuts dropping to 41.3%. BTC has liquidated 600 million dollars in long positions after breaking 114,000, and ETH's losses are intensifying.

In my personal view, if non-farm data is weaker than expected, it is a buying opportunity, and I am preparing to buy BTC at the bottom. However, the delay in Trump's tariffs until August 7 should not be overlooked as a macro risk.