Tonight at 20:30 (UTC+8), the US will release initial jobless claims data for the week ending March 7. This employment data will directly impact crypto market sentiment:

• If data comes in stronger than expected (fewer applicants):
It will reinforce expectations of US economic resilience, increasing the likelihood of the Federal Reserve maintaining higher rates. The US dollar is likely to strengthen, and BTC faces short-term downward pressure.

• If data comes in weaker than expected (more applicants):
It will intensify concerns about economic slowdown. The market will front-run Fed rate cut expectations, the US dollar will weaken, and BTC is likely to receive upward momentum in the short term.

• If data meets expectations:
Market volatility will be limited. BTC is likely to maintain its current oscillating trend. Focus on subsequent Federal Reserve policy signals.

Overall, this data release is the key sentiment catalyst for the crypto market tonight. Short-term volatility may be amplified. In terms of trading strategy, it is recommended to strictly control positions and wait for the data to be released before following the trend.