4E: BTC Breaks Key Support, Crypto Market Overall Pullback, Awaiting US Employment Data

June 6 news, in the past two days, the price of Bitcoin (BTC) has continued to weaken, falling from a high of $105,000 to around $101,500, a drop of more than 3%. Although there was an attempt to rebound earlier this week, it failed to successfully break through the key resistance level of $107,500, leading to a conservative market sentiment. The entire crypto market adjusted in sync, with the market cap dropping to about $2.3 trillion, down more than 5% within 24 hours. Ethereum (ETH) fell below $3,700, and major coins like Solana (SOL) and Avalanche (AVAX) also experienced varying degrees of decline. Analysts believe that the current market lacks a clear catalyst for an upward trend, and funds are tending to be cautious. Investors are closely watching the non-farm payroll data for May, which will be released this Friday. If the number of new jobs is lower than expected, it may strengthen the market's bet on a rate cut within the year, thereby providing support for risk assets. Additionally, recent remarks by Federal Reserve Chairman Powell did not explicitly mention the economic outlook, sparking concerns about the "dovish expectations falling short." 4E reminds that the crypto market is at a critical juncture of macroeconomic games and technical adjustments, and it is recommended that investors remain patient and wait for further clarification from the Federal Reserve and economic data.