Summary
Bitcoin is trading flat at $51,823.78 ahead of U.S. economic data. Investors are watching for signs of when the Federal Reserve might lower interest rates. Only 5% of investors expect a rate cut in March, while 54% predict a cut in June. Flows in and out of U.S. Bitcoin ETFs have fallen, but remain higher than the daily supply from the Bitcoin network. A recovery in the U.S. equity market could boost Bitcoin prices, but $53k is a tough resistance level to break. Nvidia’s strong Q4 earnings report has lifted U.S. stock indices.
Key Points
1. Bitcoin is trading for $51,823.78, with a modest 0.3% gain since the previous day and remaining flat compared to last week.
2. Investors are closely monitoring economic indicators to predict potential interest rate cuts by the Federal Reserve in 2024, with only 5% expecting a rate cut in March and 54% in June.
3. Daily flows in and out of U.S. Bitcoin ETFs have decreased, but the selling pressure is not greater than the demand. A recovery in the U.S. equity market could potentially lift the price of bitcoin, with $53k being a tough resistance to break.