Bitcoin ($BTC) has not been able to break out of the downward trend that started in October, with the most recent decline dropping to $60,000.
Although the recent decline has fueled bottom speculation, it is still predicted that the price of Bitcoin could fall to the $50,000 level.
While the risk of Bitcoin's decline continues, the closely monitored Federal Reserve's interest rate decisions are also very important for Bitcoin. $BTC.
The Fed held interest rates unchanged in January and is expected to do so again in March. This scenario is priced in by 78.4%, but a 25 basis point rate cut is priced in by only 21.6%.
While the Federal Reserve is likely to keep interest rates unchanged, today the US non-farm employment statistics were released, which are very important in determining the Fed's interest rates.
This data, released on the first Friday of each month, is closely monitored by investors and stakeholders to understand the state of the economy.
The data released in January is as follows.
Nonfarm payroll data: Reported 130,000 – Expected 66,000 – Historical 50,000
Unemployment rate data: Announced 4.3% – Expected 4.4% – Previous 4.4%
The reaction of Bitcoin after the data was released is as follows.
*This is not investment advice.
