From Investing.com:

The Federal Reserve is set to announce its first interest rate decision of 2024. The CME hints at a 96.9% chance of unchanged interest rates, but a 47% prospect of a 25 bps cut in March. The January unemployment rate will also factor into market sentiment.

A Fed decision on interest rates can influence traditional and cryptocurrency markets. An unchanged rate could maintain investment stability, while a cut might indicate economic caution, potentially affecting the appeal of risk assets like cryptocurrencies.

The battle between bulls and bears is evident in the Bitcoin chart. $42,500 is a vital resistance level, with $39,528 as a crucial support level to watch. The outcome of the Fed decision could serve as a catalyst for Bitcoin’s next significant move.

The upcoming Federal Reserve decision holds potential to impact the cryptocurrency market, particularly Bitcoin’s price. A decision to maintain or reduce interest rates could lead to significant market movement, affecting both traditional and cryptocurrency assets.



Read more: Major FED Decision to Affect Crypto Market in Two Days By U.Today