Bitcoin After its price remained stagnant for a while, it managed to rise in line with the US stock markets on January 26. BTC, which reached a market value of $ 827 billion, is traded around $ 42,200.
This week, an important turning point is expected to begin as the Federal Reserve prepares to announce its first interest rate decision for 2024. Views from the Chicago Mercantile Exchange (CME) point to a strong consensus, with 96.9% of indicators pointing to the expectation that interest rates will remain unchanged.
However, expectations for the next decision in March suggest a shift in sentiment, with a significant 47% probability of a potential rate cut of 25 basis points. Investors and analysts are following these developments closely, aware of the impact such decisions can have on various sectors of the economy.
The decision that will come in March will be much more important before the Bitcoin halving, which is expected to take place in April. The fact that the possible interest rate cut comes just before the BTC halving will make things much better.
In conjunction with the Federal Reserve’s announcement, the United States will also release critical economic data, including the unemployment rate for January. The unemployment rate serves as an important metric that provides insight into the health of the labor market and influences broader economic perceptions. Throughout the week, market participants will closely monitor these events for signals regarding the direction of monetary policy and economic conditions in the United States.
Will Bitcoin Price Rally in February?
The launch of Bitcoin ETFs in the US earlier this month marked a historic turning point for the crypto community. However, BTC price came under selling pressure in January, falling as low as $38,000 this month.
BTC price may see some recovery next 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.