Analysis: Weak US employment data combined with tech stock sell-off, BTC falls below the 200-week moving average, possibly entering a deep bear market

PANews, February 6 – According to Cointelegraph, data shows that bitcoin has fallen below the 200-week exponential moving average (EMA), potentially entering a deep bear market phase. Nick Ruck, Director at VRG Research, stated that bitcoin's decline occurred amid heightened risk aversion, driven by weak signals from the US job market, including a rise in unemployment claims. This has raised doubts about the continued strength of the economy and the likelihood of the Federal Reserve taking an aggressive approach to rate cuts. Jeff Ko, Chief Analyst at a certain exchange's Research division, pointed out that bitcoin's more than 20% pullback within a week was accompanied by a sell-off in US tech stocks, as investors are reassessing bitcoin's failure to serve as a safe haven compared to gold. Overall, market sentiment has weakened significantly in the short term, but institutions and long-term allocation funds are still observing how changes in the macro and liquidity environment will impact crypto assets.