Here are the BTC price points to watch as $ 38,000 emerges like a line of bulls in the sand

Bitcoin (BTC) needs to hold two key moving averages to stay bullish, but fails, new analysis shows.

In its latest market update on September 10, trading platform Decentrader warned that the bulls do not have the advantage well above current price points.

A “golden cross” like any other?

Bitcoin drifted lower over the weekend, at the time of writing, to nearly $ 45,500. That’s below the significant 200-day moving average (MA) and barely above the 50-day MA.

For Decentrader’s Filbfilb, these should be recovered in order to fuel the continuation of the bull run.

“For Bitcoin to remain bullish, these two moving averages will need to be held, with any lower price action being intra-week – a weekly close below the DMA 50 would not be attractive, especially if the 20-week moving average is also lost (yellow line currently around $ 42,000), ”he summed up.

The DMA 50 and 200 were about to print a ‘golden cross’, traditionally a bullish signal, but this week’s massive selloff could derail the process yet again.

“The sale came in the middle of a pending ‘Golden Cross’ where the 50 DMA rises above the 200 DMA,” Filbfilb continued.

“This is often seen as a very bullish sign for the market and generally for Bitcoin we see dumps in ‘Golden Cross’ and pumps in ‘Death Cross’, so on that basis alone the pullback was not too surprising. . “

If bulls need more momentum to enter, $ 38,000 – the site of the 61.8% Fibonacci retracement level from all-time highs of $ 64,500 – could still provide the ultimate line in the sand in the case of a more intense BTC price correction.

$ 60,000 coming “at the start of the fourth quarter”

As Cointelegraph reported, long-term optimism among analysts has changed little despite this week’s events.

Related: 9/10 Price Analysis: BTC, ETH, ADA, BNB, XRP, SOL, DOGE, DOT, LUNA, UNI

September is already considered a lackluster month based on historical trends, but from next month BTC price action is expected to change dramatically.

“We expect the $ 60,000 level to be retested early in the fourth quarter, which will likely provide another correction with a final push to all-time highs towards the end of the year,” added Filbfilb.

These all-time highs could focus on the $ 100,000 mark, in line with year-end targets from other sources.