The US non-farm payroll data came in below expectations, which should have been a good opportunity to push Bitcoin higher. However, reality delivered a slap to the market — BTC hovers around the $90,000 mark with no clear direction, lacking momentum to rise or fall, making the overall situation seem quite strange.

The logic behind this is quite clear. The rate cut cycle was originally the favorite theme among crypto traders, as liquidity was abundant. But the problem is that institutions and large holders hold heavy chips. They are cashing out profits at high levels, while retail investors' enthusiasm for chasing gains is insufficient. These two forces are tugging at the $90,000 level, neither able to overpower the other.

On-chain data reveals the clues. Large transfers are slowing down, and whales are holding steady. They are clearly waiting — waiting for what? Possibly waiting for a clearer signal, a catalyst strong enough to break the current deadlock, whether upward or downward.

The market always swings between macro data and technical analysis. A non-farm payroll report below expectations can only trigger short-term emotional fluctuations. To help the crypto market break out of this predicament, it still depends on fundamentals — the value recognition connected to the real world. The long-term prospects of crypto assets will not be fundamentally changed by fluctuations in interest rates. Staying calm and seeking the true value beyond short-term volatility is the way to survive in this kind of market.