On October 9, Bitcoin hovered around the $62,000 support level as markets anticipated the release of key U.S. macroeconomic data.

Current Market Sentiments for Bitcoin

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. With little momentum in either direction, BTC/USD left traders in a holding pattern as they waited for several upcoming U.S. economic reports.

Important Upcoming Macroeconomic Events

The first major event was the release of the minutes from the Federal Reserve's September meeting, scheduled for 2 p.m. ET on October 9, 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.

Demand Analysis and Market Expectations

The on-chain 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.'

While Bitcoin remains range-bound, traders are focusing on upcoming economic data that could have a significant impact on the market. Skew and other analysts expect that the trend may resume post-CPI & PPI releases later this week.