Summary
- Bitcoin’s price rebounded today above $57,000.
- The Presidential debate between Donald Trump and Kamala Harris takes place today.
Bitcoin’s price managed to recover above $57,000 today. At the moment of writing this article, BTC is trading at $57,100, up by over 3% in the past 24 hours.
BTC’s price recovered after hitting a low of around $52,800 on September 7.
In the past 24 hours, BTC saw liquidations of over $45 million, according to data from CoinGlass. Of these, $10.54 million were long positions and $34.5 million were short positions.
According to the same official data, the crypto market recorded over $122 million in total liquidations in the past 24 hours, with $34 million in long and over $88 million in shorts.
Bitcoin’s price and the overall crypto market might be affected by important economic and political events this week. One of them is the Presidential debate between Donald Trump and Kamala Harris.
Trump-Harris Presidential Debate and CPI Report
Later today, the Presidential debate between Donald Trump and Kamala Harris will take place, and the event might affect Bitcoin’s price.
Also, following today’s price surge for BTC, BRN analyst Valentin Fournier said that if the digital asset surpassed today’s local high of $59,750, this could indicate the start of a sustained bullish trend.
According to him, this will depend on two important factors:
- Trump’s performance in tonight’s debate against Kamala Harris
- Tomorrow’s CPI reading
The analyst believes tomorrow’s CPI reading might offer clues about the scale of a potential rate cut by the US Fed at next week’s FOMC.
According to him, breaking above the $59,750 resistance level would be a strong signal of a potential bullish trend and positive inflation news could also fuel the momentum. He also noted that the current market volatility remains high and more price declines are still possible.
He added that there is also the potential for a “buy the rumor, sell the news” dynamic around the inflation numbers and incoming interest rate cuts in the US.
Yesterday, we also reported that analysts believe BTC could reach $90,000 if Trump gets re-elected.