So far, Bitcoin has seen a mix of bulls and bears over the past day alone. While the bulls seem to be taking the lead given its current market performance, is this sustainable?
Prior to the US Federal Reserve’s announcement on rate cuts, Bitcoin experienced a slight drop in its trading price. However, following the announcement, the leading cryptocurrency saw a sudden price surge, reclaiming the $60,000 mark.
Bitcoin continues to show bullish strength, traded at $63,006reflecting a 5.6% increase in the last 24 hours.
Is This Bitcoin Rally For Real?
Bitcoin’s sudden bullish performance over the past day has prompted several traders and analysts to share their respective perspectives on the asset, with many focusing on the next potential trajectory of the price of Bitcoin.
Despite the continued upward momentum, some experts are calling for caution, highlighting underlying market signals that could impact the sustainability of this uptrend.
One such expert, crypto trader Josh Olszewicz, shared his insights on the matter, suggesting that while the current picture looks bullish, there are still some concerns to consider before expecting a continued uptrend.
According to Olszewicz, Bitcoin’s recent move has taken it above the daily Ichimoku cloud – a technical analysis indicator used to assess market trends – signaling a potential bullish scenario.
However, he emphasized that this indicator alone does not guarantee a sustained uptrend. Specifically, Olszewicz pointed out that the cloud and the Tenkan-Sen and Kijun-Sen (TK) crossover are still in bearish formation.
We are once again above the daily Cloud, although we still have a bearish Cloud and a bearish TK line.
Furthermore, the three previous Kumo breakouts this year have gone nowhere. So while this is certainly a more optimistic picture than a few days ago, Cloud does… pic.twitter.com/bmlqKM9g6c
– #333kByJuly2025 (@CarpeNoctom) September 19, 2024
What will result in a sustainable rally?
For a more definitive bullish signal, the cloud needs to enter bullish mode, along with a bullish TK line, Olszewicz revealed. This setup would provide a strongest confirmation for a bullish continuation.
Olszewicz also noted that previous Kumo breakouts this year have failed to lead to significant price gains, adding uncertainty to the current breakout.
He suggested that analyzing Bitcoin on a longer time frame, such as the two-day Ichimoku Cloud, could offer a clearer perspective.
A bullish breakout in this timeframe and an eventual bullish TK crossover could provide a more reliable indication of a sustained uptrend for Bitcoin.
Featured image created with DALL-E, chart from TradingView
