Bitcoin($BTC) failed to break out of the downtrend that started in October and during the last decline it fell as low as $60,000.
Although the recent decline has fueled talk of a bottom, it is still expected that Bitcoin price could fall to the $50,000 level.
While the risk of a Bitcoin decline persists, the Federal Reserve’s closely watched interest rate decisions are also crucial to $BTC.
The Fed, which kept interest rates unchanged in January, is expected to do so again in March. This scenario is integrated at 78.4%, while a reduction of 25 basis points is only integrated at 21.6%.
Although it is very likely that the Fed will keep interest rates unchanged, data on non-farm payrolls in the United States, which is of great importance in the Fed’s interest rate decision, was released today.
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 published for January is as follows:
Data on non-agricultural payroll: 130,000 declared – 66,000 expected – 50,000 previous
Unemployment data: 4.3% announced – 4.4% expected – 4.4% previous
Bitcoin’s reaction after the data was released was as follows:
*This does not constitute investment advice.