What is the recent market outlook? Here's a brief overview of the current situation.

The market is now stuck in an awkward position—everyone is waiting for confirmation signals before the non-farm payroll data is released. Bitcoin is barely holding above the 90,000 level, and Ethereum hovers around 3100, but frankly, no one dares to actively enter the market. The trend is very sluggish: in the morning, it’s just small fluctuations, then suddenly drops in the afternoon, with a slight rebound at the close. Overall, it still feels weak and lackluster.

Why is there so much hesitation? The macro environment is a mess. Federal Reserve officials are giving conflicting statements—one says there will be significant rate cuts this year, while another warns that inflation hasn't been fully suppressed and rate cuts should be cautious. The market is confused and directionless, with funds hiding on the sidelines. Weak initial jobless claims data and a strong services PMI create conflicting signals that leave investors puzzled. Plus, increased regulation of crypto institutions in Hong Kong raises holding costs, reducing the previously supportive funds, so the decline is within expected ranges.

Technical charts make this even clearer. On the 1-hour chart, the market was sideways in the morning with normal trading volume; in the afternoon, a large bearish candle appeared, causing Bitcoin to drop directly from 92,000 to just above 90,000, and Ethereum from 3180 to just over 3100. During the decline, trading volume surged—indicating short-term funds are collectively withdrawing. A slight rebound at the end suggests support is still there, but the strength is very weak.

Key data points are coming one after another. Tonight, initial jobless claims will be released, and on Friday, the non-farm payroll report will be published. These two data points will directly influence the Fed’s rate cut expectations and are likely to trigger significant volatility.

As for trading advice, don’t rush to buy the dip. Wait until Bitcoin stabilizes above 90,000 and Ethereum holds above 3100 before considering a rebound. If these levels can’t be maintained, look for the next support levels. Also, stay alert and closely monitor Fed statements and regulatory policies in the crypto space.