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January 10 marks a significant day for cryptocurrency enthusiasts, with critical data set to be released shortly. The importance of the Federal Reserve’s interest rate cuts for cryptocurrencies has been extensively discussed. The December meeting was particularly disappointing for market expectations. As the crucial data release approaches, questions arise: Why are these numbers so essential, and what are the forecasts? Will cryptocurrencies see a rise?
US Data and Cryptocurrency Impact
Since January 5, we have emphasized the importance of this Friday. The JOLTS data released on Tuesday caused a significant drop in cryptocurrencies. However, the ADP Employment Change data released on Wednesday provided some relief. The market was briefly shaken by insider information regarding the sale of Silkroad BTC.
We have previously noted that the Wednesday data serves as a leading indicator for the Non-Farm Payroll figures. Two critical pieces of information will be released shortly: the US Unemployment Rate and Non-Farm Employment. Both metrics will be published exactly one hour before the US market opens.
Late January Cryptocurrency Surge
In a market analysis released by Daan Crypto Trades, it was suggested that a significant upturn may begin towards the end of the month, while the current period will likely remain uneventful. The analyst pointed out the importance of monitoring a specific triangle pattern as a potential indicator for a breakout.
“If BTC’s favorable movement is delayed until the end of January, I won’t be surprised. I’m watching this triangle closely to identify any potential breakout. I believe the first quarter will typically be bullish, but the year’s close and start can often be quite volatile.”
