#BTC BTC In May, the increase in the number of unemployed people in the United States dealt a heavy blow to the interest rate cut expectations! The market's confidence in the "bullish market" is facing a test. Data shows that the employment level far exceeded market expectations, with wage growth accelerating. Despite the unexpected rise in the unemployment rate, it presents a dual picture of the labor market. However, there is no doubt that the interest rate cut expectations have been severely hit. The once prominent July interest rate cut expectations have almost completely lost their practical significance, and the interest rate cut expectations for the second half of this year have fallen sharply two or three times. Most traders now believe that the Fed will only cut interest rates once in December. Due to the significant decline in interest rate cut expectations, the short-term upward trend of the U.S. stock market may face serious pressure, and the cryptocurrency market is once again experiencing huge fluctuations. Bitcoin and Ethereum have consecutively lost support, and the futures market is experiencing the outbreak of a bull market and a bear market again.