The Middle East situation has temporarily eased, and it doesn't have much impact on the crypto market. Everyone can stay calm for now and focus on tonight's non-farm payroll data.

Earlier ADP and initial jobless claims data were both somewhat bearish, so tonight's non-farm payroll is likely to be better than expected. If the data shows strength, the Fed's rate cut in March will be unlikely, and expectations for a June rate cut will also cool down. The US dollar and Treasury yields will rise, leading funds to flow out of high-risk assets like Bitcoin, which is bearish for the price.

Bitcoin has been pulling back after rising from 63,000 to 74,000. The daily chart is very clear: yesterday closed with a long upper shadow bearish candle, breaking below the 5-day moving average. The bullish momentum has clearly weakened, and now it’s just a high-level consolidation and correction, entering a correction cycle.

Looking at the 4-hour chart: after dropping from the high, multiple rebounds were pushed back down. The short-term moving averages have already turned downward, and the price is being pressed down by the moving averages. Short-term, the bears are clearly in control.

The key level for today is 72,000, which is the dividing line between bulls and bears. Support below is first at 69,500, then at 68,500. In terms of trading strategy, it’s safer to focus on short positions at higher levels and avoid rushing to catch the bottom. #ETH