Bitcoin's price hovered around $62,000 on Oct. 9 as traders awaited key US economic data. The lack of momentum forced traders to adopt a cautious approach. The Federal Reserve's surprise interest rate cut and upcoming economic events like the CPI and PPI releases added to the uncertainty. Analysts predicted further short-term support retests for Bitcoin, with the market showing signs of caution. Onchain analytics suggested a decline in US demand for Bitcoin, as indicated by the negative Coinbase premium. The article emphasized the need for thorough research and caution in investment decisions. Overall, the market outlook remained uncertain, with potential trends expected post the release of key economic data later in the month. Read more AI-generated news on: https://app.chaingpt.org/news