The non-farm data has been released, and today some friends are asking how this data affects the cryptocurrency market. There are always two opinions when data is released. From an economic perspective, an increase in employment indicates a strong economy, meaning the Federal Reserve does not need to lower interest rates to ease the situation, which is bearish for the cryptocurrency market.
The U.S. July seasonally adjusted non-farm employment change was previously 1.4, the market expectation was 11, and the released value was 7.3. Compared to market expectations, this is bullish, and compared to the previous value, employment is also increasing, which is bearish.
The U.S. July unemployment rate previously was 4.1%, the market expectation was 4.2%, and the released value was 4.2%, which meets expectations and is not considered bullish.
In the morning, it was mentioned that Ethereum would experience another pullback near 3720, aiming for around 3560. This is also the last line of defense for the bullish trend. If it can hold, look for opportunities to accumulate; once it breaks below, it will be necessary to reduce positions in advance to avoid a larger drawdown.
