In the last day, Bitcoin has experienced a blend of bullish and bearish activity. Although the bulls seem to be gaining momentum based on current market actions, the question remains: can this growth be sustained?
Prior to the US Federal Reserve’s announcement regarding interest rate cuts, Bitcoin faced a slight decline in its trading price. Nonetheless, following the announcement, the leading cryptocurrency witnessed a sharp increase, surpassing the $60,000 level once again.
Currently, Bitcoin is showing considerable bullish momentum, trading at $63,006, which indicates a 5.6% gain over the last 24 hours.
Is This Bitcoin Rally Authentic?
The recent bullish surge in Bitcoin’s value has prompted various traders and analysts to share their insights on the asset, particularly regarding its possible future price movements.
Despite the continuing rise, some analysts recommend a cautious approach, pointing out market signals that could influence the longevity of this bullish uptrend.
Crypto trader Josh Olszewicz weighed in on this issue, indicating that while the current outlook seems promising, there are still concerns that should be taken into account before anticipating sustained bullish behavior.
Olszewicz noted that Bitcoin’s latest movement has brought it above the daily Ichimoku Cloud—a technical analysis tool that helps analyze market trends—indicating a potential bullish outlook.
However, he stressed that this indicator alone does not assure a prolonged upward trend. Olszewicz specifically mentioned that the Cloud and the Tenkan-Sen and Kijun-Sen (TK) cross are still in a bearish configuration.
We have once more returned above the daily Cloud, though a bearish Cloud and a bearish TK cross still persist.
Moreover, the last three Kumo breakouts this year have gone anywhere. Thus, while this is clearly a more bullish situation than a few days ago, the Cloud does… pic.twitter.com/bmlqKM9g6c
— #333kByJuly2025 (@CarpeNoctom) September 19, 2024
What Factors Will Lead to a Sustainable Rally?
For a robust bullish signal, the Cloud needs to transition into a bullish state alongside a bullish TK cross, Olszewicz revealed. This setup would offer stronger validation for continued bullish momentum.
He also highlighted that previous Kumo breakouts this year have not resulted in notable price increases, creating additional uncertainty regarding the current breakout.
Olszewicz recommended examining Bitcoin on a longer timeframe, like the two-day Ichimoku Cloud, for a clearer understanding.
A bullish breakout on this timeframe, followed by a subsequent bullish TK cross, could present a more trustworthy indication of a lasting bullish trend for Bitcoin.
Featured image created with DALL-E, Chart from TradingView
