Non-farm data far exceeded expectations, possibly marking the largest gap with ADP in history. The unemployment rate has decreased, and employment numbers have risen, demonstrating the resilience of the U.S. economy, while also further reducing expectations for interest rate cuts in July and September. CME's pricing for no rate cut in July has exceeded 95%, and the probability of no rate cut in September has also increased to 32%, leading to a contraction in market sentiment.

Meanwhile, the tax cuts and spending bill promoted by Trump has passed in the House of Representatives, essentially equivalent to the "Big Beautiful Plan" being implemented, which is a short-term positive for market sentiment, although it will increase long-term fiscal burdens. Bessent has also voiced pressure on the Federal Reserve, even predicting a "big cut in September." While not fully agreeing, such statements still have a short-term effect on boosting the market.

As long as there are no unexpected issues with the reciprocal tariffs next week, the consolidation range for BTC remains healthy, and no systemic risks have been identified for the time being.

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