Today's homework is actually not very easy to write. Although there are not many things to do, there are many troubles that are entangled together. Firstly, the non farm payroll data released today is likely to have the largest gap with ADP data in history. The unemployment rate and employment figures have not only not worsened, but have actually improved. In other words, the data from the US Bureau of Labor Statistics always surprises everyone. The decrease in unemployment rate and the increase in employment indicate that the resilience of the US economy is still good. This also represents a continued decrease in the probability of a July interest rate cut, and even a decrease in the probability of a September interest rate cut. Currently, the probability of CME not cutting interest rates in July has risen to over 95%, an increase of 15% compared to yesterday. The probability of not cutting interest rates in September has increased to over 32%, which is 26% higher than yesterday. Although it is not conducive to the Federal Reserve cutting interest rates, it does represent that the US economy is still good. This data itself is good data, but everyone just doesn't like it. Then Trump's tax reduction and expenditure bill was passed in the House of Representatives, which is the core of the beautiful bill, so it is almost equivalent to the passing of the beautiful bill. This bill is good for the market in the short term, and increases the burden of the U.S. government in the long term. But if you are drunk today, you will be drunk today. Let's talk about tomorrow. Next is Bessent's speech, which, apart from tariffs, expresses dissatisfaction with the Federal Reserve, which is understandable. However, Bessent believes that if there is no interest rate cut in July, the magnitude of the September rate cut will be even greater, which is somewhat inconsistent. Overall, today's events are considered positive for the short term, especially the passage of the Big Beautiful Bill, which should boost market sentiment and inject some liquidity. Looking back at the data of Bitcoin, although the price broke through $110000 today, the volatility of the price was relatively high due to too many conditions, and the turnover rate also increased. Especially for short-term investors, there were more departures. Many investors believe that without interest rate cuts in July, the market may not perform well and choose to leave. But overall, the US market has not yet seen any systemic risks, and of course, the equivalent tariffs next week are not good, at least for now, so the stability of prices is still somewhat guaranteed. Especially from the supporting data, both ranges are very stable now, especially between $93000 and $98000. Even when the turnover rate increases, there is not much change in this position, and the bottom support is still very healthy. Data connection: https://docs. (google.com)/spreadsheets/d/1E9awSVwrVOxKOiaMdYT5YZvfveeFd9ENU-iO6dVcGj0/edit? usp=sharing