So far, Bitcoin has seen a mix of bulls and bears in the past day alone. Even though bulls appear to be taking the lead given current market performance, will this be sustainable?
Before the US Federal Reserve announced the interest rate cuts, Bitcoin experienced a slight decline in its trading price. However, following the announcement, the leading crypto saw a sudden surge in price, clawing back the $60,000 mark.
Bitcoin continues to show bullish strength, trading at $63,006, reflecting a 5.6% increase in the past 24 hours.
Is This Bitcoin Rally Real?
Bitcoin’s sudden bullish performance recorded over the past day has led to several traders and analysts sharing their respective views on the asset, with many focusing on the next potential trajectory of Bitcoin’s price.
Despite the continued upward momentum, some experts urge caution, highlighting underlying market signals that could impact the sustainability of this bullish trend.
One such expert, crypto trader Josh Olszewicz, shared his insights on this matter and suggested that while the current picture appears optimistic, there are still some concerns to consider before expecting a sustained uptrend.
According to Olszewicz, Bitcoin’s recent move led it above the daily Ichimoku Cloud – a technical analysis indicator used to measure market trends – indicating a possible bullish scenario.
However, he emphasized that this indicator alone does not guarantee a sustainable upward trend. Olszewicz specifically pointed out that the Cloud and the cross Tenkan-Sen and Kijun-Sen (TK) are still in a bearish formation.
We are once again above the daily Cloud, although we still have a bearish Cloud and a bearish TK cross.
Furthermore, the previous three Kumo outbreaks have gone nowhere this year. So while this is certainly a more bullish view 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 definitive bullish signal, Cloud needs to switch to a bullish mode along with a bullish TK cross, Olszewicz revealed. This setup would provide stronger confirmation for a bullish continuation.
Olszewicz also noted that previous Kumo outbreaks have not led to significant price increases this year, adding to the uncertainty surrounding the current outbreak.
He suggested that analyzing Bitcoin over a longer time frame, such as the two-day Ichimoku Cloud, could provide a clearer perspective.
A bullish breakout in this time frame and an eventual bullish TK cross could provide a more reliable indication of an ongoing bullish trend for Bitcoin.
Featured image created with DALL-E, Chart from TradingView
