Bitcoin hovered around the $62,000 support level on October 9 as markets anticipated the release of key U.S. macroeconomic data.
Data from Cointelegraph Markets Pro and TradingView revealed that Bitcoin’s price action remained tightly range-bound, with multiple retests of the $62,000 level heading into the daily close.
With little momentum in either direction, BTC/USD left traders in a holding pattern as they waited for several upcoming U.S. economic reports.
The first major event, scheduled for 2 p.m. ET on October 9, was the release of the minutes from the Federal Reserve’s September meeting, which included a surprising 0.5% interest rate cut.
Following that, the Consumer Price Index (CPI) and Producer Price Index (PPI) reports are expected on October 10 and 11, respectively, with the CPI report also including unemployment data.
“Generally speaking, risk assets haven’t moved much and will likely start to trend again post-CPI & PPI later this week and into the end of October,” noted trader and analyst Skew in a post on X.
Skew also highlighted that the end of October will bring other significant macroeconomic figures, including GDP estimates and the Federal Reserve’s preferred inflation gauge, the Personal Consumption Expenditures (PCE) index, which could have a high impact on markets.
Regarding Bitcoin, sentiment remained cautious as more traders began to expect further short-term support tests.
“Many now expect $BTC to sweep the lows around 61,650, which is the most obvious thing it could do,” wrote trader Muro in an October 9 post on X.
Skew described the Bitcoin market as being in a period of “wide market & chop before trend resumes.”
On the demand side, onchain analytics platform CryptoQuant delivered discouraging news for Bitcoin bulls.
The Coinbase premium, a measure of demand by comparing BTC/USD prices on Coinbase to BTC/USDT prices on Binance, had fallen sharply.
As CryptoQuant contributor BQYotube explained, “Coinbase Premium has been falling to negative, accelerating while the price was climbing,” signaling that “the US is not interested in the current rally.”
