Last Friday, January 26, the Bitcoin price gave a strong move upside backed by the US equity markets. Currently, Bitcoin is trading at $42,185 with a market cap of $827 billion and eyeing its next move to $43,000.
Fed to Reveal First 2024 Interest Rate Decision
This week marks a crucial juncture as the Federal Reserve prepares to disclose its initial interest rate decision for the year 2024. Insights from the Chicago Mercantile Exchange (CME) indicate a strong consensus, with 96.9% of indicators pointing towards the expectation of unchanged interest rates.
However, anticipation for the subsequent decision in March reveals a shift in sentiment, with a notable 47% probability suggesting a potential interest rate cut by 25 basis points. Investors and analysts are closely monitoring these developments, recognizing the impact such decisions can have on various sectors of the economy.
The March decision will be very crucial considering the fact that the upcoming Bitcoin halving will happen the next month in April 2024. Any rate cut before the halving could provide a significant boost to the BTC price going ahead.
In conjunction with the Federal Reserve’s announcement, the United States is poised to release critical economic data, including the January unemployment rate. The unemployment rate serves as a key metric, providing insights into the labor market’s health and influencing broader economic perceptions. As the week unfolds, market participants will be closely watching these events for signals on the trajectory of monetary policy and economic conditions in the United States.
Bitcoin Price To Rally In February?
The launch of the Bitcoin ETFs in the US earlier this month proved to be a historic milestone for the crypto community. However, the BTC price has come under selling pressure hitting a low of $38,000 this month in January.
However, the Bitcoin price could see some recovery in the next month of February. Historical data reveals a consistent trend for Bitcoin in February, showing an average profitability of 14.5% and a notable absence of negative returns since 2020.
Based on CryptoRank statistics spanning from February 2011 to 2023, Bitcoin has demonstrated an average profitability of a notable 14.5%, with the median value closely trailing at 12.2%.
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