The price of BTC will retest 62 thousand dollars
Bitcoin fell to $62,000 support on Oct. 9 as markets awaited a US macro data attack.
BTC/USD 1-Hour Chart. Source: TradingView
Bitcoin in limbo minutes before the Fed
Data from Cointelegraph Markets Pro and TradingView showed strong price action for Bitcoin (BTC), which presented repeated tests of $62,000 towards the daily close.
With no upside or downside, BTC/USD has forced traders to play a wait-and-see game in relation to many US economic events.
The first of these was the minutes of the Federal Reserve's September meeting at 2pm on October 9, which resulted in a surprise 0.5% interest rate cut.
The September publication of the Consumer Price Index (CPI) and Producer Price Index (PPI) will be released on October 10 and 11, the former including unemployment data.
Trader and analyst Skew said: “Overall, risk assets haven't moved much and may start posting on CPI and PPI later this week and towards the end of October.”
Skew noted that a range of key macro figures were in store at the end of October, including GDP estimates and the Fed's “preferred” rate of inflation, the personal consumption expenditures (PCE) index.
“Very high impact at the end of the month,” he concluded.
BTC/USDT 4-Hour Chart. Source: Skew/X
As for Bitcoin, sentiment was cautious as consensus grew that the market would test further short-term support.
“Many now expect $BTC to clear the lows around 61650, which could make something very clear,” trader Muro wrote in an October 9 X post.
Skew described BTC's price action as providing “a clear view into the macro and overall risk market here.”
“Overextends to key highs and key lows, which often means a broad market and cut before the trend continues,” he wrote.
The US is not interested in current BTC price movements
In an update on demand, onchain analytics platform CryptoQuant had encouraging news for Bitcoin bulls.
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US demand, as seen in the Coinbase premium, has fallen sharply over the past few days.
As Cointelegraph reports, the Coinbase premium measures the difference between the spot price of Coinbase's BTC/USD and Binance's BTC/USDT pairs.
In the past, positive premiums have resulted in large bets on sustained upward price movements. Since October 9, however, it has been negative again and has been very low since the beginning of August.
CryptoQuant contributor BQYotube said in a Quicktake blog post that day, “Coinbase Premium has fallen into the negative, while the price is rising.
“It's a clear sign that America is not interested in the current rally.”
Coinbase Premium Index. Source: CryptoQuant
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making decisions.
