Currently, market liquidity is gradually recovering, but whether it can rebound or continue to adjust depends mainly on the non-farm payroll report on Friday evening.

The background is very clear. The US manufacturing PMI is only 47.9, which is indeed disappointing and directly reflects the pressure on economic fundamentals. This means the dollar lacks support, and the logic of maintaining strength in the short term is fading. Right now, the entire market is focused on one thing: waiting for the non-farm payroll data on Friday. This report will determine whether the market continues to bet on rate cuts or is cooled down by reality.

The implications for the crypto market are actually not complicated—weakening of the dollar usually benefits crypto assets, which is basic logic. But the problem is that the market is now on high alert; a decline in the dollar alone is not enough to attract large funds to enter the market. Funds are waiting for the starting gun—only after the Friday data confirms the direction will they dare to make large-scale moves.

The short-term strategy is also straightforward: maintain a range-bound stance from Monday to Thursday, as any fluctuations before the data release lack substantial driving force. The smart approach is to prepare for both scenarios: either temporarily exit and observe or keep enough ammunition. Once the market reaction on Friday is clear, immediately identify the trend direction and enter at the confirmed levels. The goal is to validate trading ideas, and waiting for these high-confidence market opportunities is exactly what this approach aims for.