Last week, weak non-farm payrolls data from the US caused a decline in Bitcoin and altcoins, with the BTC price falling to $52,500.
The subsequent recovery took the price above $57,000, and the analyst explained the price level that must be exceeded for the rise to be sustainable.
Speaking to The Block, BRN analyst Valentin Fournier noted that if Bitcoin breaks above the $59,750 resistance level, a sustained uptrend could begin.
But Fournier said the rise was due to two important factors.
According to the analyst, the first of these is Donald Trump’s performance in today’s debate with Kamala Harris and the second is the CPI data to be announced on Wednesday, tomorrow.
“Bitcoin breaking above the $59,750 resistance could be a strong bullish signal and positive inflation news could further fuel this upward momentum.
However, as market volatility remains high, further price declines are possible, especially as the Fed’s September 18 interest rate decision approaches.
There is the potential for a ‘buy the rumor, sell the news’ situation to occur in the face of inflation figures and expectations of an upcoming interest rate cut.”
Bitcoin continues to trade at $56,690 at the time of writing.
*This is not investment advice.
