#比特币波动性 Just saw the US employment report, $BTC and it broke through directly.

$85,700, this price was last seen seven months ago. An increase of 119,000 jobs, the economic data is too strong, and the rate cut expectations are basically cooled off. From the high point in October last year, it has already retraced 32%.

The fear index dropped to 11, what does that mean? It’s the classic “extreme panic” zone. The entire crypto market evaporated 6.62% in a single day, with profit-taking fleeing wildly. Many may not realize that this wave of decline is not just a technical issue—macro narratives are being reshaped.

The market’s hope for a rate cut from the Federal Reserve is not entirely dead yet. But the Chief Investment Officer at Kronos Research said very plainly: Policy shifts alone can’t save the situation. Without capital inflows, on-chain activity can’t pick up, and sentiment won’t turn around. Short-term rebounds are just trap setups for fakeouts.

$ETH and $BNB also couldn’t escape this bloodbath.

What’s next? Keep an eye on three signals: the Fed’s stance, stablecoin issuance, and whether retail investors are really starting to buy the dip. At this position, it’s either a buying opportunity or a relay station for a secondary bottom.