Originally published on: October 09, 2024
As Bitcoin tests the $62,000 support level, investors are gearing up for a month-end filled with significant market events. The cryptocurrency remained rangebound, with multiple retests of the crucial $62,000 mark on the horizon.
Traders are closely watching various macroeconomic indicators from the United States, including the minutes of the Federal Reserve’s September meeting and key inflation data. Analysts are anticipating a potential trend shift post these events, with the end of October expected to bring high-impact figures like GDP estimates and the Fed’s inflation index.
In light of the market’s cautious mood, there are predictions of further short-term support retests for Bitcoin. Many traders are eyeing a potential dip to around $61,650 before a possible trend reversal.
However, onchain analytics suggest a decline in US demand for Bitcoin, as indicated by the Coinbase premium. This negative trend, coupled with the lack of significant price momentum, raises concerns among investors about the cryptocurrency’s near-term performance.
With uncertainty looming over the market, investors are advised to conduct their own research and exercise caution when making investment decisions. Stay informed with critical insights to seize opportunities and navigate risks in the ever-evolving crypto landscape by subscribing to the Markets Outlook newsletter today.
