Today is another day of declines in the US stock market and cryptocurrencies, and even gold and silver are not performing well. The main reason for the downturn in risk markets is likely the poor data from the small non-farm payrolls, and since there is no non-farm payroll data this month, the market is mainly relying on the small non-farm figures. The employment in the small non-farm sector fell significantly below expectations, which could lead to market pessimism about the US economy. In theory, this situation is favorable for the Federal Reserve to cut interest rates.

Looking at Bitcoin, today’s drop below $73,000 indeed shows signs of panic, with trading volume surging. The data suggests that the portion above $73,000 is being heavily sold off. The decline today, like the US stock market, seems to have no clear reason, yet the drop is so fierce that investor sentiment and liquidity are really in a mess. Trump bears some responsibility for this.

Regarding the chip structure, although it remains relatively stable, investor sentiment is indeed poor. More importantly, due to poor liquidity, even small sell-offs by short-term investors have triggered significant declines. Traditional investors haven't sold much, but their purchasing power is almost gone. What remains are the investments from the crypto community itself. For now, the outlook is still not very optimistic.

Below, consider buying on dips around 69,615-67,577-65,600. The rebound target can be seen around 74,400-80,000.