The short-term price movement of Bitcoin (BTC) is expected to be influenced by upcoming US economic data. According to Gustavo Faria, co-founder of analytics firm Nosy, a local bottom has emerged in the Bitcoin price. Faria's analysis considers key on-chain and market indicators, suggesting a potential turning point for the leading cryptocurrency.

Bitcoin has experienced a 15% correction over the past three weeks, falling from $70,000 to $60,000. However, open interest in futures markets has declined by $3 billion, primarily due to long liquidations. This development indicates a more balanced dynamic between buyers and sellers. Funding rates for perpetual contracts have dropped to near zero, resulting in a healthier price structure.

Faria's analysis also highlights the importance of Short-Term Holders (STHs), whose realized price is $62,600. Since BTC's price has surpassed this level, STHs are experiencing slightly negative average profitability. Historically, the $62,600 price level has acted as support for local corrections during uptrends.

US macroeconomic data, including GDP, initial jobless claims, and inflation data, is expected to be released this week. This data will likely dictate market sentiment in the short term, despite indications of a local bottom. Faria notes that uncertainty about American monetary policy affects investors' risk appetite, making US economic data a significant factor in price action.

In conclusion, Bitcoin's short-term price movement is closely tied to US economic data. While indicators suggest a local bottom, market sentiment may shift based on upcoming data releases. As the cryptocurrency market continues to evolve, investors must stay informed about both on-chain indicators and macroeconomic factors to make informed decisions.