The nonfarm payroll data released on Friday far exceeded expectations: the estimate was only for an increase of 55,000 jobs, but in fact it increased by 162,000. At first glance, that seems bullish, so why did the market pull back sharply instead? Because as long as the job market remains this strong, the Federal Reserve has more reason to raise rates—the stronger the nonfarm report, the more the market speculates whether this gave Kevin Warsh an excuse to hike rates. So the real focus is still this Friday’s CPI data: this round of rate-hike expectations and speculation is likely the biggest of 2026 so far. After the CPI is released, whether the FOMC on September 16 will raise rates can basically be confirmed. My guess is still that CPI will come in better than expected and allow rates to remain unchanged—the answer will be revealed on Friday. Until then, $BTC will most likely trade sideways between 75,000 and 82,000, with no obvious breakout or breakdown.