Experienced Analyst Announces Level That Could Start Bullishness in Bitcoin, Warns Against Short-Term Decline!
BRN analyst Valentin Fournier noted that if Bitcoin breaks above the $59,750 resistance level, a sustained uptrend could begin.
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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Circle hits $75 per share in first-day pop on NYSE
After upping its offer multiple times, Circle is finally trading on the NYSE
Circle ends NYSE debut up 167% from IPO price
The stablecoin issuer’s successful first day of trading is likely to spur more crypto IPOs, industry watchers say
Solana stablecoin supply dip led by $1.8B USDC outflow
Solana’s USDC caught a boost after being paired with the TRUMP memecoin

UK Gold Miner Bluebird Ventures Embraces Bitcoin Treasury Strategy
Trending news
MoreCrypto prices
More








