Bitcoin has experienced a mix of bulls and bears, with bulls currently leading due to its performance. The US Federal Reserve's rate cut announcement led to a sudden surge, pushing Bitcoin past $60,000 and currently trading at $63,006, a 5.6% increase in 24 hours.
Several traders and analysts are debating the sustainability of this bullish trend. Crypto trader Josh Olszewicz noted that while Bitcoin now trades above the daily Ichimoku Cloud, the Cloud and the Tenkan-Sen and Kijun-Sen (TK) cross still indicate bearish signs.
Olszewicz suggested that for a sustained rally, more definitive bullish signals are needed. This includes a bullish mode in the Cloud and a bullish TK cross. He also warned that earlier Kumo breakouts this year did not result in significant gains.
Analyzing Bitcoin on longer timeframes, like the two-day Ichimoku Cloud, could offer a clearer perspective. A bullish breakout on this timeframe might indicate a more reliable bullish trend.
