The non-farm payroll data just came out, and the crypto market has started to differentiate. The employment gap of 76,000 is far below expectations, and this data is a bit painful. BTC briefly surged to 91,991 yesterday, and now the market is divided into two camps:\n\nOne camp is optimistic about the opening of the rate cut window. Their logic is that weak employment data means the Federal Reserve has more reason to cut rates, liquidity expectations will heat up, and BTC is expected to stabilize above 92,000 and open up space for upward movement.\n\nThe other camp is more cautious. They believe that while employment data is weak, the actual liquidity in the financial markets has not yet caught up with policy expectations. There is a risk in chasing high now, and it’s better to wait for a pullback to around 88,000 to accumulate strength.\n\nHonestly, at this moment, it all depends on your judgment of the macro liquidity cycle. Both approaches have their logic; the key is which direction you bet will be confirmed first.