Bitcoin Reclaims $63,000 After US Fed Rate Cut, But Is This Rally For Real?
19 Setembro 2024 - 7:00PM
NEWSBTC
So far, Bitcoin has seen a mixture of bulls and bears just in the
past day alone. Although bulls appear to be taking the lead given
its current market performance, will this be sustainable? Before
the US Federal Reserve announcement of the rate cuts, Bitcoin
experienced a slight dip in its trading price. However, following
the announcement, the leading crypto saw a sudden price surge,
reclaiming the $60,000 mark. Bitcoin continues to show bullish
strength, trading at $63,006, reflecting a 5.6% increase over the
past 24 hours. Related Reading: CME Traders Bet Big Against Bitcoin
As US Fed Rate Cut Looms Is This Bitcoin Rally For Real? The sudden
bullish performance from Bitcoin recorded over the past day has had
several traders and analysts sharing their respective outlooks on
the asset, with many focusing on the next potential trajectory of
Bitcoin’s price. Despite the ongoing 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,
suggesting that while the current picture appears optimistic, there
are still some concerns to consider before expecting a continued
uptrend. According to Olszewicz, Bitcoin’s recent move led it above
the daily Ichimoku Cloud—a technical analysis indicator used to
gauge market trends—signaling a potential bullish scenario.
However, he emphasized that this indicator alone does not guarantee
a sustained upward trend. Specifically, Olszewicz pointed out that
the Cloud and the Tenkan-Sen and Kijun-Sen (TK) cross are still in
a bearish formation. $BTC We are once again back above the daily
Cloud, although we still have a bearish Cloud and bearish TK cross.
Additionally, the previous three Kumo breakouts this year have gone
no where. So although this is a certainly more bullish 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 flip into a bullish mode, along with a bullish TK
cross, Olszewicz disclosed. This setup would provide a stronger
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
timeframe, such as the two-day Ichimoku Cloud, might offer a
clearer perspective. Related Reading: Crypto Analyst Reveals Key
Insights into Bitcoin’s Bull-Bear Transition Phase A bullish
breakout on this timeframe and an eventual bullish TK cross could
provide a more reliable indication of a sustained bullish trend for
Bitcoin. Featured image created with DALL-E, Chart from TradingView
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