Why did Bitcoin and ETH lead the crypto market to accelerate its decline after the non-farm payroll data unexpectedly disappointed?

Shouldn't a poor non-farm payroll report be beneficial for rate cuts? This should be positive news, but now the market is falling even faster.
Because in the current complex environment of “economic cooling + sticky inflation + geopolitical conflicts,” this non-farm payroll data does not simply signal “rate cut benefits,” but instead triggers deeper concerns, especially the fear of recession overshadowing rate cut expectations.
Market fears of a “hard landing” for the US economy are rapidly intensifying. Investors first think “the economy is weakening,” rather than “the Federal Reserve will cut rates.” Under this panic, funds will withdraw from high-risk cryptocurrency markets.
This is the main reason for the decline. Next, it depends on how the US stock market performs. But for now, in the short term, panic dominates, and any potential negative development is interpreted as bearish.
In this situation, as previously mentioned, the March trend may come true: a monthly candlestick with a long upper shadow and a long lower shadow, meaning Bitcoin and ETH will first have a slight rebound, then continue to fall, touching the lower band of the monthly Bollinger Bands—around $54,000 for Bitcoin and around $1350 for ETH.
Currently, the upper shadow has already been completed, and a lower shadow may follow with a spike down.