The US Federal Reserve interest rates have not ignited the much-awaited Bitcoin rally, pushing it beyond the $27.4k mark. Consequently, cryptocurrency traders eagerly anticipate Thursday’s Bank of England (BoE) announcement concerning the official bank rate. Notably, economists predict that the BoE will increase the official bank rate to 5.50 percent to align with the United States, which has chosen to keep its rate unchanged.
The likelihood of Bitcoin’s price sustaining its bullish momentum has been boosted, thanks to signals from the Ichimoku Kinko Hyo indicator. This indicator hinted at an imminent upward trend after a golden cross occurred between the Tenkan Sen and Kijun Sen.
To clarify, the red line on the chart represents the Tenkan Sen, also known as the turning line. It is calculated by averaging the highest and lowest low of the past nine periods and is used to indicate the market’s general trend. Conversely, the blue line represents the Kijun Sen, also known as the standard line or baseline. It is calculated by averaging the highest and lowest low of the past 26 periods.
The daily golden cross between these two lines indicates that Bitcoin buyers are gradually gaining an advantage over sellers, suggesting the potential for the price to surge toward the $30k mark in the near future. However, it’s important for Bitcoin traders to exercise caution, as the price could experience a retracement before making a solid rebound.
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