Bitcoin attempts to stabilize above the $40,000 mark during the European trading session, while the US dollar index trades steadily ahead of the release of US GDP data

According to CoinDesk, during the European trading session on Thursday, Bitcoin (BTC) attempted to stabilize above $40,000. The US dollar index traded steadily ahead of the highly anticipated release of US fourth-quarter Gross Domestic Product (GDP) data. At 09:38 UTC, the leading cryptocurrency traded at a price of $40,100 after testing bearish demand near $38,500 earlier this week. The US dollar index consolidated around 103.70, below the high point near 103.82 reached on Monday. Traders are reconsidering the prospect of an early interest rate cut by the Federal Reserve amidst ongoing concerns about inflation in a red-hot economy. According to Fed fund futures traders, there is now a 50% probability of a rate cut by March, down from 80% one month ago. US GDP data will be released at 13:30 UTC and it is expected to show that in the final three months of 2023, the world's largest economy grew at a seasonally adjusted annualized rate of 2%, lower than Q3's reading of 4.9%, marking its lowest level since Q2-2022.