Bitcoin bounces above $57,000 ahead of Trump-Harris debate

After hitting a recent low of $52,500 last Friday, Bitcoin has since rebounded above the $57,000 mark, with price volatility triggering a wave of short position liquidations.

In the past 24 hours alone, $45 million worth of bitcoin positions were liquidated, of which the majority were short positions, at $36 million.

Following today's bitcoin price rally, BRN analyst Valentin Fournier said that if the digital asset breaks above last Tuesday's local high of $59,750, it could signal the start of a sustained uptrend.

However, he added that this depends on two key factors: Donald Trump's performance in tonight's debate against Kamala Harris and Wednesday's Consumer Price Index (CPI) reading, which could offer clues about the scale of a potential rate cut by the US Federal Reserve at next week's Federal Open Market Committee (FOMC) meeting.

"Breaking above the $59,750 resistance level would be a clear signal of a potential uptrend, and positive inflation-related news could further boost this bullish momentum," Fournier said. However, he noted that market volatility remains high and further price declines are possible, especially as the Federal Reserve's interest rate decision on September 18 approaches. "There is a potential for a 'buy the rumor and sell the news' dynamic around inflation numbers and upcoming interest rate cuts," he added.

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