Article

QCP: Bitcoin must stabilize 87200 USD to have a chance of opening up upside potential

BlockBeats reports that October 5，QCP Capital stated that the macro narrative has undergone a significant shift over the past 3 weeks, with the market shifting from previously expecting the Federal Reserve to October raise rates to expectations that rate hikes have essentially faded and rates will remain unchanged.September Nonfarm payrolls increased by only 29000 people, well below the expected 84000 people, while the unemployment rate rose to 4.2%, and year-on-year wage growth slowed to 3.0%, the lowest level since 2021 in May years. 3 The average monthly increase in employment over the past months fell to 50700 people, only about one-third of the level 1 years ago, pushing the probability of a October rate hike down to 22%. However, affected by U.S. Treasury supply and term-premium factors, the U.S. 10-year Treasury yield remained as high as 5.25%.

In the crypto market, Bitcoin still needs to stabilize above 87200 USD to confirm the next round of gains, while ETH was trading around 2725 USD within the 2650 to 2800 USD range, with the overall trend cautiously bullish. The Federal Reserve meeting minutes released this Wednesday will be the main catalyst, and the market will focus on whether the previously hawkish dissent reflects a genuine stance; in addition, the TOKEN2049 Singapore conference and October 14 CPI data are also worth watching.

Original link https://m.theblockbeats.info/flash/370309