Bitcoin ($BTC) has been unable to break out of the downtrend that began in October, and in the latest drop, it fell as low as $60,000.
Although the recent drop has fueled talk of a bottom, it is still predicted that the Bitcoin price could fall to the $50,000 level.
While the risk of a decline in Bitcoin continues, the Federal Reserve’s interest rate decisions, which are closely watched, are also crucial for $BTC.
The Fed, which kept interest rates unchanged in January, is expected to do so again in March. This scenario is priced in at 78.4%, while a 25 basis point cut is priced in at only 21.6%.
While it is highly likely that the Fed will keep interest rates unchanged, today the US Non-Farm Payrolls data, which is of great importance in the Fed’s interest rate decision, was released.
The data, released on the first Friday of each month, is closely watched by investors and stakeholders to understand the state of the economy.
The data released for January is as follows:
Non-farm payrolls data: Reported 130k – Expectation 66k – Previous 50k
Unemployment data: Announced 4.3% – Expected 4.4% – Previous 4.4%
Bitcoin’s reaction after the data was released was as follows:
*This is not investment advice.