Friday's Non-Farm Payrolls data is about to be released, and the entire crypto market is shrouded in a strange calm before the storm.

Bitcoin price is repeatedly battling the $90,000 mark, barely holding the line, while Ethereum fluctuates around the 3100 level. The morning trading session was dead and dull, with sluggish volume, but a sudden plunge at midday broke this tension. However, by the close, the rebound was weak, and the bears still held the upper hand. This tug-of-war reflects the collective uncertainty among market participants.

The hawks and doves within the Federal Reserve are fiercely battling, and combined with the recent weak ADP data contrasted by unexpectedly strong service sector PMI, this noise of signals has led institutional investors to stay on the sidelines. Notably, the recent enforcement of new crypto regulations in Hong Kong has increased the holding costs for institutional wallets, and some protective funds are quietly withdrawing, causing selling pressure to spread in the market.

The initial jobless claims data at 9:30 PM will lead the way, followed by Friday's Non-Farm Payrolls report—these two sets of data are enough to overturn the current market pricing of the Federal Reserve's policy direction. The fuse for the market has already been lit.

For short-term traders, now is the time to deploy a small amount of trial-and-error funds; swing traders should leave enough room for movement; long-term holders can continue to wait. The battle with the market before the Spring Festival has just begun.