- Last Friday, on January 26, the price of Bitcoin made a strong upward move with the support of the US stock markets.
- Investors and analysts closely monitor these developments, recognizing the impact of such decisions on various sectors of the economy.
- With the announcement from the Federal Reserve, the United States is preparing to disclose critical economic data, including the January unemployment rate.
The Federal Reserve will announce its interest rate decision this week: How will it affect the Bitcoin price? Current reports!
FED Will Announce Interest Rate Decision This Week
Last Friday, on January 26, the price of Bitcoin made a strong upward move with the support of the US stock markets. Currently, Bitcoin is trading at $42,185 with a market capitalization of $827 billion, attempting to turn its next move to $43,000. This week marks a critical period as the Federal Reserve prepares to announce its first interest rate decision for 2024.
Information provided by the Chicago Mercantile Exchange (CME) indicates a robust consensus of 96.9%, suggesting indicators pointing to no change in interest rates. However, expectations appear to have shifted for the subsequent decision in March. A significant 47% probability indicates a possibility of a 25 basis point cut in interest rates in March. The FED’s interest rate decision will be announced on Wednesday, January 31.
Investors and analysts closely monitor these developments, recognizing the impact of such decisions on various sectors of the economy. The March decision will be crucial, especially considering that the next Bitcoin halving is set to occur in April 2024. Any interest rate cut before the halving could provide significant support to the BTC price.
With the announcement from the Federal Reserve, the United States is preparing to disclose critical economic data, including the January unemployment rate. The unemployment rate serves as an important metric providing information about the health of the labor market and influences overall economic perceptions. As the week progresses, market participants will closely watch these events for signals regarding the direction of monetary policy and economic conditions in the United States.
Will Bitcoin Price Rise in February?
The launch of Bitcoin ETFs in the United States earlier this month was a historic milestone for the crypto community. However, the BTC price came under selling pressure, dropping to $38,000 in January. Nevertheless, the Bitcoin price may see some recovery in the upcoming February.
Historical data shows that Bitcoin has exhibited a consistent trend in February, and there have been no significant negative returns since 2020. According to statistics, the average performance of Bitcoin from 2011 to 2023 has been a notable 14.5%, with a median value of approximately 12.2%.
