The U.S. announced a non-farm employment increase of 178k in March, significantly exceeding expectations of 60k. At the same time, the unemployment rate dropped from 4.4% to 4.3%. Both data points indicate that the U.S. labor market is much more resilient than expected, directly reinforcing the market expectation that the Federal Reserve will "maintain high interest rates for longer," which clearly bearish impacts on risk assets such as gold, silver, and crude oil. For Bitcoin, in the short term, it will face direct pressure from liquidity tightening: on one hand, strong non-farm data weakens the expectation of rate cuts this year, and the strengthening of the US dollar index and Treasury yields will reduce the attractiveness of high-volatility risk assets like Bitcoin. Next, we wait for the US stock market to open and digest the impact of the negative data. The market may further retrace, and short positions should be held. Currently, Bitcoin is expected to decline to around 66,000, with considerations for taking profits or reducing positions. The target for a rebound is around 2020. #加密市场行情震荡 $BTC $ETH