Based on today's market data rhythm, the rebound triggered by Nvidia's earnings report around 4 AM has basically run its course. Although the Nvidia earnings report provided some short-term emotional recovery in the US stock market, BTC is still firmly held below the 4h EMA20 — a typical "rebound does not change the weak structure."

However, it's not all bad news. The 89k level has been tested three times without being broken, indicating that there is a group of "passive buyers" below who are not very optimistic, but also not willing to sell further. This structure of "resistant to decline but not rebounding" usually means that the market is waiting for a trigger point.

And this trigger point is likely tonight's non-farm data.