BTC in the past week has been performing really well, climbing steadily from 87-88k USD all the way up to the 95-96k range, even touching 97k at its peak, with weekly gains reaching 8-10%. Trading volume has expanded moderately alongside, and short positions have liquidated over 700 million USD in this rally. The US stock market hasn't been idle either, with the Nasdaq leading gains and the tech AI sector maintaining strong momentum. The S&P 500 is also up slightly, though the financial sector has been dragged down by credit concerns. Overall market sentiment remains relatively cautious.

The macro logic driving this rally is actually quite clear. On one hand, non-farm employment data came in weak (only 50k new additions, missing expectations), while on the other hand CPI remains stable. These two factors combined have reinforced expectations for rate cuts. The cooling of geopolitical risks has also helped, resulting in BTC and other high-risk assets moving higher. However, policy divergence within the Federal Reserve is also creating uncertainty that's suppressing risk appetite. Fortunately, the continued AI boom and gradually improving liquidity are partially offsetting this pressure.

Looking into next week, both opportunities and risks need attention. If non-farm data continues to come in below the 55k-73k expected range, the Nasdaq maintains its strength, and ETF inflows persist, BTC likely has an opportunity to push toward 95k-100k USD. Conversely, if non-farm employment suddenly rebounds strongly, geopolitical tensions escalate, or the probability of a rate cut at the end-January FOMC meeting decreases, downside risks should be guarded against, with potential pullbacks to 85k or even below 80k USD.