The market’s sentiment on Bitcoin is highly affected by macroeconomic conditions, particularly labor market data. The US Department of Labor’s report on February 7 is seen as crucial for determining Bitcoin’s movement in February.
Analysts predict a strong labor market may lead to a decrease in Bitcoin’s price due to the reduced chance of Federal Reserve rate cuts. Conversely, weak labor data could help sustain Bitcoin’s price growth, especially after a 13% increase in January.
Leave a Reply