TechFlow news, September 6: The U.S. August non-farm payroll report showed only 22,000 new jobs added, with the unemployment rate rising to 4.3%, the highest since 2021. The private sector's three-month average monthly job gains stood at just 29,000, while nominal wage growth annualized rate dropped to 2.4%. A 25-basis-point rate cut by the Federal Reserve in September is now almost certain.
After the data release, U.S. stocks experienced a short-term "buy the rumor, sell the news" reaction, especially tech and high-valuation growth stocks seeing increased volatility. Some capital flowed into the bond market, and indices may face pressure for consolidation in the near term. For Bitcoin, long-term support remains from expected rate cuts, but technical indicators show weakening bullish momentum. If the psychological level of $100,000 is broken, short-term support could test the $96,000–$98,000 range, with further downside potentially reaching $93,000. Profit-taking on rate-cut optimism may intensify the correction.
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