After the release of the November US Non-farm Payrolls (NFP), the market's expectation for a rate cut in December jumped directly from 28.7% to 41.6%. There was originally hope that NVIDIA's earnings report could boost market sentiment—after all, the AI bubble still looks quite solid. There was indeed a pump in pre-market, but once the US stock market opened, NVIDIA began to fall, dragging the entire market down with it. At the opening of the Nasdaq, it was still up 2.5%, but by the close, it had turned into a fall of 2.3%, resulting in nearly 5 points of fluctuation throughout the day, which is quite unusual.

Normally, the US Non-farm Payrolls (NFP) data should be a positive signal for interest rate cuts, but the market is still falling like this. A significant drop without clear negative news often indicates that liquidity is starting to tighten, so we need to be cautious.

**Regarding BTC**
Bitcoin is still in a downtrend channel, and there is no clear signal of a bottom on the weekly level. Next, pay close attention to the range of 78000 to 86000 to see if it can stabilize here and form a bottom structure. The short-term strategy remains unchanged: if it cannot hold above 89500, continue to look bearish. Support is at 86300-78500, and resistance is at 88800-90000.

**Regarding ETH**
Ethereum reached around 2820 as expected, and can be monitored in batches below 2800. Although there are no signs of a short-term bottom yet, after falling for so long, it is time to pay attention to bottom signals. Support range is 2820-2600, and resistance level is 2930-3000.

Market sentiment is quite subtle, and both the macro and technical aspects need to be observed for a few more days before making a judgment.