So far, bitcoin has seen a mix of bulls and bears in the past day alone. While the bulls seem to be taking the lead given its current performance in the market, will this be 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 experienced a sudden surge in price, regaining the $60,000 mark.
bitcoin continues to show bullish strength, trading at $63,006, reflecting a 5.6% increase over the past 24 hours.
Is this bitcoin rally for real?
bitcoin’s sudden bullish performance over the past day has seen several traders and analysts share their respective perspectives on the asset, with many focusing on the potential next trajectory of bitcoin’s price.
Despite the continued bullish momentum, some experts urge caution and highlight underlying market signals that could affect the sustainability of this uptrend.
One such expert, cryptocurrency trader Josh Olszewicz, shared his thoughts on the matter and suggested that while the current outlook looks optimistic, there are still some concerns to consider before expecting a continued uptrend.
According to Olszewicz, bitcoin’s recent move took it above the daily Ichimoku Cloud (a technical analysis indicator used to measure market trends), signaling a possible bullish scenario.
<img src="https://technicalterrence.com/wp-content/uploads/2024/09/Bitcoin-Rebounds-Above-63K-Following-US-Fed-Rate-Cut-But.jpeg" alt="bitcoin above the Ichimoku cloud.” />
However, he stressed that this indicator alone does not guarantee a sustained bullish trend. In particular, Olszewicz noted that the cloud and the Tenkan-Sen and Kijun-Sen (TK) cross remain in a bearish formation.
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We are back above the daily Cloud, although we still have a Bearish Cloud and a Bearish TK crossover.
Furthermore, Kumo’s three previous breakouts this year led nowhere. So, while this is certainly a more bullish picture than a few days ago, Cloud… image.twitter.com/bmlqKM9g6c
— #333kByJuly2025 (@CarpeNoctom) twitter.com/CarpeNoctom/status/1836608121227161816?ref_src=twsrc%5Etfw” target=”_blank”>September 19, 2024
What will a sustainable rally result in?
For a more definitive bullish signal, the cloud needs to move into a bullish mode, along with a bullish TK crossover, Olszewicz revealed. This setup would provide stronger confirmation of a bullish continuation.
Olszewicz also noted that previous Kumo breakouts this year failed to generate 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 on this timeframe and an eventual bullish TK crossover could provide a more reliable indication of a sustained uptrend for bitcoin.
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Featured image created with DALL-E, chart by TradingView
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