Bitcoin supported $62,000 by October 9 as the market awaited an onslaught of US macro data.
BTC/USD 1-hour chart. Source: TradingView
Bitcoin in Trouble Ahead of Federal Reserve Meeting
Data from Cointelegraph Markets Pro and TradingView shows a tight range of Bitcoin (BTC) price action, with multiple retests of the $62,000 level by the daily close.
BTC/USD, lacking either upward or downward momentum, has forced traders to play a wait-and-see game ahead of several US economic events.
The first of these reports, scheduled for release on October 9 at 2 PM ET, will be minutes from the Federal Reserve’s September meeting that enacted the surprise 0.5% interest rate cut.
The September Consumer Price Index (CPI) and Producer Price Index (PPI) will be released on October 10 and 11, respectively, with the former also including unemployment data.
“Generally speaking, risk assets have not moved much and will start to trend again after CPI and PPI by the end of this week and into October,” trader and analyst Skew wrote in one of his recent posts on X.
Skew pointed out that there are a variety of key macro numbers in storage at the end of October, including GDP estimates and the Personal Consumption Expenditures (PCE) index, the Federal Reserve’s preferred measure of inflation.
“It had a very big impact at the end of the month,” he concluded.
BTC/USDT 4-hour chart. Source: Tilt/X
Regarding Bitcoin, the mood was cautious as there was a growing consensus that the market would attempt to retest additional short-term support.
“Many people are expecting BTC to sweep the lows around 61650, which is the most certain thing it can do,” trader Muro wrote in an X post on October 9.
Skew explained that BTC price action provides “a clear view within the macro and general risk markets.”
“Excess to highs and lows is more often than not cut before the market widens and the trend resumes,” he wrote.
The US is currently “not interested” in BTC price movements
In an on-demand update, on-chain analytics platform CryptoQuant delivered unencouraging news on Bitcoin’s strength.
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Judging by the so-called Coinbase premium, US demand has decreased significantly over the past few days.
As Cointelegraph reports, the Coinbase premium measures the spot price difference between the BTC/USD on Coinbase and BTC/USDT pairs on Binance.
Previously, positive premiums led to larger bets on continued upward price momentum. However, as of October 9, it was negative again, hitting the lowest level since early August.
“Coinbase Premium is falling negatively while the price is rising,” CryptoQuant contributor BQYotube wrote in a Quicktake blog post today.
“It is a clear sign that the United States is not interested in the current rally.”
Coinbase Premium Index. Source: CryptoQuant
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