So far, Bitcoin has only experienced a mix of bulls and bears over the past day. While the bulls appear to be taking the lead given the current market performance, will this be sustainable?
Before the US Federal Reserve announced interest rate cuts, Bitcoin saw a miniature decline in trading price. However, after the announcement, the leading cryptocurrency saw a sudden price raise, regaining the $60,000 level.
Bitcoin continues to show bullish strength and is trading at $63,006, up 5.6% in the last 24 hours.
Is this bitcoin price raise real?
Bitcoin’s sudden surge in price over the past day has prompted a number of traders and analysts to share their views on the asset, with many of them focusing on the next potential trajectory for Bitcoin’s price.
Despite the continuing growth dynamics, some experts are calling for caution, drawing attention to hidden market signals that may affect the sustainability of this growth trend.
One such expert, cryptocurrency trader Josh Olszewicz, shared his thoughts on the matter, suggesting that while the current situation seems hopeful, there are still some concerns that need to be considered before the uptrend can be expected to continue.
According to Olszewicz, Bitcoin’s recent price moves have seen it trade above the daily Ichimoku Cloud indicator — a technical analysis indicator used to gauge market trends — signaling a potential bullish scenario.
He emphasized, however, that this indicator alone does not guarantee a lasting upward trend. Olszewicz specifically pointed out that Cloud and the Tenkan-Sen and Kijun-Sen (TK) crosses are still in a bearish formation.
We are again above the daytime cloud, although we still have a bearish cloud and a bearish TK cross.
In addition, the previous three Kumo breakouts this year have gone nowhere. So while this is certainly a more bullish picture than a few days ago, Cloud… photo: twitter.com/bmlqKM9g6c
— #333kByJuly2025 (@CarpeNoctom) September 19, 2024
What will be the results of a sustained raid?
For a more definitive bullish signal, Cloud needs to go into bullish mode, along with a bullish TK cross, Olszewicz revealed. Such a setup would provide stronger confirmation of a bullish continuation.
Olszewicz also noted that previous Kumo breakouts this year failed to lead to significant price increases, which increases uncertainty surrounding the current breakout.
He suggested that analyzing Bitcoin over a longer period of time, such as the two-day Ichimoku Cloud period, could provide a clearer perspective.
A bullish breakout in this time frame and a possible bullish TK crossover could be a more reliable indicator of a continuing uptrend for Bitcoin.
Featured image created with DALL-E, chart from TradingView
