According to CoinMeta, Bitcoin recently broke through $86,000, and the market experienced fluctuations on the eve of the release of the U.S. employment report. The market expected 90,000 new jobs to be created, with the unemployment rate remaining at 4.1%. The U.S. dollar rose to a 18-month high, and global bond yields surged significantly, with France's borrowing premium over Germany reaching its highest level in 14 years. Analysts pointed out that the expected values for employment data were notably low, reflecting a structural cooling in the labor market. The decline in new job creations directly weakened the momentum for economic expansion, forcing the market to re-evaluate the Federal Reserve's policy path. The strengthening U.S. dollar and rising bond yields together created a tightening financial environment, further squeezing the long-term valuation space for risky assets. This macroeconomic backdrop has intensified market concerns about an economic slowdown and provided a clear stress test signal for subsequent monetary policy adjustments.