Recently, the cryptocurrency market and the US stock market have shown signs of a downward trend. Bitcoin and Ethereum have experienced technical divergence on a short-term scale, which often indicates a possible pullback. Meanwhile, after experiencing a daily-level head and shoulders pattern, the US stock market continues to maintain its falling trend, and the daily-level technical divergence has become increasingly evident.

It is worth noting that the technical divergence of Bitcoin, Ethereum, and US stocks has not been fully adjusted, which may indicate that the market still has further room for a fall.

What is even more concerning is the significant revision of U.S. employment data. The latest non-farm payroll data has been significantly adjusted downwards, with several months of data revised from the original hundreds of thousands to just over ten thousand. This magnitude of revision has raised concerns about the economic growth outlook.

Such a significant downward revision of non-farm data reflects that the U.S. economy may not be as strong as previously expected and may even be entering a recession phase. This change in economic fundamentals brings additional uncertainty to the market.

Overall, the technical analysis of the cryptocurrency market and the U.S. stock market, along with the significant downward revision of U.S. employment data, points to potential market risks. Investors may need to remain cautious and closely monitor subsequent economic data and market trends to make more informed investment decisions.