The U.S. labor market is showing signs of weakness, with job openings decreasing to 7.079 million in August from 7.335 million in July, and the job-openings rate falling to 4.3%. The Conference Board’s Consumer Confidence Index plunged to 81.9 in September, its lowest level since early 2014, as Americans face rising fuel prices and soaring borrowing costs. Bitcoin has historically posted an average performance of nearly 20% in October over the past 13 years, even though last year ended with a 3.6% decline. The market probability for a Fed rate hike in October has dropped to 50%, down from about 70% previously, which could create a more favorable macroeconomic environment for Bitcoin in Q4.
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