The dynamics of the flagship crypto asset continue to show a stable correlation with macroeconomic data coming from the United States. On February 7, the U.S. Bureau of Labor Statistics will release a report on the labor market. According to analysts at Bitget Research, this indicator will have a significant impact on the price of Bitcoin.
A strong labor market is often perceived as a negative factor. This is because, under such conditions, the likelihood of a decrease in the Fed's key rate decreases, putting pressure on the main digital coin. Conversely, a weakening labor market encourages the Federal Reserve to act more aggressively in terms of easing monetary policy.
Experts emphasize that a positive factor for Bitcoin would be keeping unemployment at 4.1-4.2%. This would increase the chances that the Fed will be ready to lower the key rate. However, according to the FedWatch Tool metric, there is a high likelihood that the American regulator will once again ease monetary policy only in June of this year.
The actions of Donald Trump's administration regarding digital assets can also be an important catalyst for growth. A significant step was the departure of Gary Gensler from the post of head of the U.S. Securities and Exchange Commission. He was replaced by Mark Uyeda. This official has repeatedly spoken in support of the digital assets segment.
Traders still maintain optimism regarding the current U.S. president actively implementing positive political changes towards cryptocurrencies. There is also a possibility that Donald Trump will continue to actively promote the initiative to create a strategic financial reserve in Bitcoins. Undoubtedly, the issuance of the corresponding decree could become a strong growth catalyst.
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