Bitcoin’s price is increasingly influenced by macroeconomic conditions, particularly the upcoming US labor report on February 7. Analysts believe this data will play a crucial role in determining Bitcoin’s momentum for February. Ryan Lee, chief analyst at Bitget Research, notes that a strong labor market could imply reduced chances of Federal Reserve rate cuts, potentially leading to a price dip for Bitcoin. Conversely, weaker labor market signs might favor rate cuts, creating a more encouraging environment for the cryptocurrency. Bitcoin experienced a 13% rise in January but has recently faced challenges, with a decline of almost 0.5% over the past week. Technical analysis raises concerns about a possible correction unless Bitcoin maintains its position above the $101,000 weekly support. Analyst Benjamin Cowen suggests that an unemployment rate around 4.1% would be ideal for a continued bullish trend, whereas higher rates could introduce uncertainty. The market's focus remains on the interactions between labor data, Fed policy, and Bitcoin's price trajectory into March.

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