BTC price action is no longer getting US Bitcoin traders excited as the Coinbase Premium Index hits its lowest levels in over two months.
Bitcoin diced with $62,000 support into Oct. 9 as markets awaited an onslaught of United States macro data.
Bitcoin in limbo ahead of Fed minutes
Data from TradingView showed tightly rangebound Bitcoin BTC$62,219.79 price action offering multiple retests of the $62,000 level into the daily close.
Lacking momentum up or down, BTC/USD forced traders to play a wait-and-see game in the run-up to multiple US economic events.
The first of these, due at 2 pm ET on Oct. 9, is the minutes of the Federal Reserve’s September meeting, which enacted a surprise 0.5% interest rate cut.
The September print of the Consumer Price Index (CPI) and Producer Price Index (PPI) are due on Oct. 10 and 11, respectively, with the former also including unemployment data.
“Generally speaking risk assets haven’t moved much and will likely could start to trend again post CPI & PPI later this week & into end of Oct,” trader and analyst Skew wrote in one of his latest posts on X.
Skew noted that the end of October had various key macro figures in store, including GDP estimates and the Fed’s “preferred” inflation gauge, the Personal Consumption Expenditures (PCE) index.
“Very high impact end of month,” he concluded.
Regarding Bitcoin, the mood was cautious amid a growing consensus that the market would attempt further short-term support retests.
“Many now expect $BTC to sweep the lows around 61650 which is the most obvious thing it could do,” trader Muro wrote in an Oct. 9 X post.
Skew described BTC price action as offering “a clear view here within macro & general risk market.”
“Excess into key high and key low, which more often means wide market & chop before trend resumes,” he wrote.
US “not interested” in current BTC price moves
In an update on demand, onchain analytics platform CryptoQuant had uninspiring news for Bitcoin bulls.
US demand, as viewed by the so-called Coinbase premium, had declined considerably over the past few days.
the Coinbase premium measures the difference between spot prices between Coinbase’s BTC/USD and Binance’s BTC/USDT pairs.
Previously, a positive premium had led to bigger bets of sustained upward price momentum. As of Oct. 9, however, it was once again negative and at its lowest since early August.
“Coinbase Premium has been falling to negative, accelerating while the price was climbing,” CryptoQuant contributor BQYotube wrote in a Quicktake blog post on the day.
“It is clear sign that the US is not interested in the current rally.”
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