4E: BTC falls below key support, crypto market pulls back as a whole, waiting for US employment data

On June 6th, the price of Bitcoin (BTC) has continued to weaken over the past two days, falling from a high of $105,000 to around $101,500, a decline of more than 3%. Despite an attempt to rebound at the beginning of the week, it failed to break through the key resistance level of $107,500, leading to a conservative market sentiment.
The entire crypto market made a simultaneous correction, with the market value falling to about $2.30 trillion, down more than 5% in 24 hours. Ethereum (ETH) fell below $3,700, and mainstream currencies such as Solana (SOL) and Avalanche (AVAX) all fell to varying degrees. Analysts believe that the current market lacks a clear catalyst for growth, and funds tend to wait and see.
Investors are closely watching the May non-farm payrolls data to be released on Friday. A lower-than-expected number of new jobs could strengthen bets on interest rate cuts this year, providing support for risk assets. In addition, recent remarks by Federal Reserve Chairperson Jerome Powell did not explicitly mention the economic outlook, sparking concerns that "dovish expectations have failed".
4E warns that the crypto market is at a critical juncture at the intersection of macro game and technical adjustment, and advises investors to remain patient and wait for further clarification of the Federal Reserve and economic data.