Deep Tide TechFlow News, Oct. 5 — According to a QCP Group market report, the macro narrative has completely reversed in three weeks. The consensus for “another rate hike in October” has been fully priced out, while expectations that the Fed will pause are gaining traction. U.S. nonfarm payrolls rose by just 29,000 in September, well below expectations of 84,000. The unemployment rate climbed to 4.2%, and wage growth slowed to 3.0%, its lowest level since May 2021. The soft labor data supports the view that the Fed will pause rate hikes in October, with the probability of a hike now down to around 22%.

Bitcoin is currently at $86,700, with technical support at $85,000/$83,000 and resistance at $87,200/$90,000. Ethereum is currently at $2,725, with support at $2,650/$2,550 and resistance at $2,735–$2,800. The key event this week is the release of the FOMC meeting minutes at 2:00 a.m. Beijing time on Oct. 8. Markets will focus on whether hawkish dissent has softened, as well as the direction of pricing ahead of the Oct. 14 CPI data.