Tonight at 20:30, the United States will release the July non-farm employment data, which may become a key moment influencing the direction of the global market.

Four core indicators are worth paying attention to:

- The unemployment rate is expected to rise to 4.2%. If it exceeds expectations, it indicates a weakening labor market, which will strengthen the expectation of interest rate cuts, benefiting BTC and other risk assets;

- The expected increase in non-farm employment is 110,000, significantly lower than the previous value of 147,000. If the actual number is lower, it indicates an economic slowdown, and the Federal Reserve may lean towards easing;

- Wage growth rate (annual and monthly) is expected to improve. If wage growth accelerates, it may raise inflation expectations, putting pressure on rate cut expectations, which is bearish;

If the data performs strongly, the market may lower its expectations for a rate cut in September, leading to a rise in the dollar and pressure on risk assets.

In summary, tonight's data will directly impact the Federal Reserve's next steps. It is recommended to wait for the data release before assessing market trends and to manage positions carefully.