Is the bull market over? Does the current decline of Bitcoin reflect the market's anticipation of tonight's non-farm payroll data? Can the bulls continue to write a new chapter?

Last night, U.S. stocks fell, and Bitcoin broke below the key support level of $70,000, with major stock indices all retreating. Negative data continued to appear, and with selling pressure, Bitcoin was directly pulled down to $68,000. This round of bearish force has dealt a significant blow to the bulls, with a single-day liquidation reaching $8.7 billion, affecting hundreds of thousands of people, raising questions about whether the bull market has ended.

In fact, the current market is mainly influenced by several key factors: poor earnings reports from technology stocks, and core PCE data reaching the highest record in six months, revised up from 0.1% to 0.2%. If the non-farm payroll data released tonight exceeds the previous value, and the unemployment rate rises, it could further reduce expectations for interest rate cuts. Furthermore, the outcome of Trump's election could also reverse, while Harris gains an advantage in several key swing states, complicating the situation. Overall, future macro data and election results will become key driving factors.

For Bitcoin, the current adjustment is not a signal of the market's 'bull market end.' On the contrary, this wave of adjustment has washed away some speculative funds, with some short-term profit-taking investors choosing to exit, which, in the long run, helps to build a healthier foundation. It is worth noting that in years past, if there was no significant decline in September, there would often be consecutive increases from October to December. Bitcoin rose 7.35% in September this year, marking the best performance for September in history, which usually indicates the potential for an increase at the end of the year.

Therefore, although Bitcoin prices have retraced, the market impact brought by the election has just begun. It is still too early to say the bull market is over; after all, the long-term impact of the election far exceeds short-term market sentiment. The market always has fearful and greedy participants, seizing opportunities and welcoming the main wave of the bull market is the key!