The Bitcoin market has been a bit quiet recently, and the price trend of BTC is no longer so exciting. This is mainly related to the decline of the Coinbase Premium Index, which has even fallen to the lowest point in more than two months. Now the market is waiting for the release of US macroeconomic data, and the price of Bitcoin has also fallen back to the support level of $61,800 on October 9.

Judging from the situation before the release of the Fed's meeting minutes, Bitcoin seems to have entered a state of uncertainty. According to TradingView data, Bitcoin fluctuated around $61,800. Although it did not rise or fall sharply, this repeated test of the support level has made many traders cautious before the next series of US economic events.

The Fed's meeting minutes on October 9 unexpectedly announced a 0.5% interest rate cut. Next, the more critical September CPI and PPI will be released on October 10 and 11. These data are likely to have a significant impact on the next trend. Market analysts generally believe that if Bitcoin wants to get out of the current range, it may need these key data to provide further guidance.

There will be more macroeconomic data at the end of October, including GDP and PCE, which will have a greater impact on the market. Before these heavy data come out, there will be more market fluctuations.

Looking at the changes in market demand, the Coinbase premium has been falling, even to a negative value, which means that the BTC price on Coinbase is lower than that on Binance, showing that the market is not very interested in the current Bitcoin price. And this negative premium has also hit a new low since early August, which has a certain inhibitory effect on the market's upward momentum.

In summary, the current trend of Bitcoin makes people wait and see, but the next macro data, especially CPI and PPI, will be the decisive factor. The market's reaction to these data may bring more volatility opportunities to the next Bitcoin trend. Brothers, keep an eye on it next! $BTC