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Bitcoin’s February momentum hinges on next week’s labor market data

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.

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