The price of Bitcoin is currently hovering around $62,000, and the market is preparing for the next shock of US economic data. With the release of the Fed's meeting minutes, BTC prices fluctuated slightly, and almost all of them were in a wait-and-see state, waiting for the impact of macro data on the market.
In September, the Fed unexpectedly cut interest rates by 0.5%. In the next few days, more important economic data will be released, including the Consumer Price Index (CPI), the Producer Price Index (PPI), and unemployment data, which may have a significant impact on market trends, especially when the GDP and Personal Consumption Expenditure (PCE) indexes are released at the end of the month.
Bitcoin may further test the support level of $61,850, and the market is currently showing wide fluctuations. Before the arrival of key macro data, the overall risk assets are less volatile. Demand for Bitcoin has declined, with the Coinbase Premium Index showing weaker buyer interest, hitting its lowest level in two months.
The market could see a new round of price trends later this week and after key data is released at the end of the month.
