QCP: Bitcoin needs to hold above $87,200 to open upside space.

BlockBeats news, October 5th, QCP Capital posted that the macro narrative has shifted significantly over the past three weeks, with the market moving from previously expecting a Fed rate hike in October to rate hike expectations basically fading and rates being held steady. September nonfarm payrolls increased by only 29,000, far below the expected 84,000, the unemployment rate rose to 4.2%, and year-on-year wage growth slowed to 3.0%, the lowest level since May 2021. The three-month average of new jobs fell to 50,700, only about one-third of a year earlier, pushing the probability of an October rate hike down to 22%. However, due to U.S. Treasury supply and term premium factors, the U.S. 10-year Treasury yield is still as high as 5.25%.

In the crypto market, Bitcoin still needs to hold above $87,200 to confirm the next leg higher, while ETH is trading near $2,725 within the $2,650 to $2,800 range, with the overall trend cautiously bullish. The Fed meeting minutes to be released this Wednesday will be the main catalyst, and the market will watch whether the previous hawkish dissent reflects a genuine stance; in addition, the TOKEN2049 Singapore conference and the October 14 CPI data are also worth watching.