Bitcoin (BTC) has been relatively quiet over the last week consolidating around $35,000, with altcoins leading the crypto market rally over the weekend.
Fed Interest Rate Cuts By March 24
Last week, the US reported its jobs data with a cooler-than-expected employment output for the month of October 2023. As a result, analysts have turned bullish that the Fed would pivot sooner than expected going into 2024.
Some analysts have already started putting higher odds at the first rate cuts coming as soon as March 2024. If so this would mean a big rally coming in risk-ON assets such as equities and crypto. Interestingly, the next Bitcoin halving also coincides with the same time around April 2024, which could add more fuel to the Bitcoin price rally.
The likelihood of the central bank reducing the headline interest rate by 25 basis points below the current levels at the March meeting increased to 25.9% on Friday, up from 12.9% on Thursday, as per the CME FedWatch Tool.
Fed-fund futures indica
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