October 9 Bitcoin Price: Navigating Support Levels Ahead of Economic Data
October 9 Bitcoin Price – As of October 9, Bitcoin (BTC) has hovered around the crucial support level of $62,000, as traders braced for a wave of upcoming macroeconomic data from the United States. Data from Cointelegraph Markets Pro and TradingView indicated that Bitcoin’s price action remained tightly rangebound, with multiple retests of the $62,000 mark leading into the daily close.
With the lack of significant upward or downward momentum, BTC/USD has left traders in a “wait-and-see” mode ahead of several critical economic events.
Key Economic Events on the Horizon
The first of these events is the release of the minutes from the Federal Reserve’s September meeting at 2 PM ET on October 9, which controversially included a 0.5% interest rate cut. Following that, the Consumer Price Index (CPI) and Producer Price Index (PPI) figures are set to be released on October 10 and 11, respectively. The CPI data will also encompass unemployment statistics, further impacting market sentiment.
Traders and analysts, including Skew, noted that “generally speaking, risk assets haven’t moved much” and are likely to begin trending again post-CPI and PPI releases later this week and into the end of October.
October’s Macro Economic Landscape
As October draws to a close, traders anticipate various key macroeconomic indicators, including GDP estimates and the Fed’s favored inflation measure, the Personal Consumption Expenditures (PCE) index. Skew emphasized the importance of these upcoming figures, stating, “Very high impact end of month.”
Cautious Sentiment Surrounds Bitcoin
The mood surrounding Bitcoin remains cautious, with a growing consensus that the market may seek to retest short-term support levels. Trader Muro noted in a post that many expect BTC to “sweep the lows around $61,650, which is the most obvious thing it could do.”
Skew further analyzed the price action of BTC, suggesting that it offers “a clear view here within macro & general risk market,” noting the tendency for excess to lead to significant market fluctuations before a trend resumes.
Declining U.S. Demand for Bitcoin
In a recent update on market demand, on-chain analytics platform CryptoQuant delivered discouraging news for Bitcoin bulls. The Coinbase premium, a metric that measures the price difference between Coinbase’s BTC/USD and Binance’s BTC/USDT pairs, indicated a notable decline in U.S. demand over recent days.
Previously, a positive Coinbase premium had signaled larger bets on sustained upward price momentum. However, as of October 9, the premium has turned negative and hit its lowest level since early August. Contributor BQYotube remarked, “Coinbase Premium has been falling to negative, accelerating while the price was climbing. It is a clear sign that the U.S. is not interested in the current rally.”
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