Bitcoin (BTC) needs to retain 2 key moving averages in order to stay bullish only is failing, fresh assay shows.

In its latest marketplace update on Sept. 10, trading platform Decentrader warned that bulls do not have the upper hand much above current price levels.

A "golden cantankerous" like any other?

Bitcoin'south price has drifted lower into the weekend, sitting near $45,500 at the fourth dimension of writing. This is beneath the significant 200-day moving boilerplate (MA) and barely above the 50-day MA.

For Decentrader'due south Filbfilb, these would need to exist reclaimed in society to fuel the continuation of the balderdash run.

"For Bitcoin to remain bullish, these ii moving averages volition need to be maintained, with any price action lower beingness intraweek — a weekly shut beneath the 50 DMA would not be attractive, particularly if the 20 Week moving average is also lost (yellow line currently around $42k)," he summarized.

The 50-day and 200-day MA had been on the way to printing a "aureate cross," traditionally a bullish bespeak, merely this week'southward dramatic sell-off may even so derail the process.

"The selloff came amidst a pending 'Gold Cross' where the 50 DMA crosses above the 200 DMA," Filbfilb continued.

"This is frequently seen as beingness a very bullish sign for the market and typically for Bitcoin, nosotros see dumps into 'Aureate Crosses' and pumps into 'Death Crosses', So on this basis lonely, the pullback wasn't too much of a surprise."
BTC/USD 1-twenty-four hours candle nautical chart (Bitstamp) with 50 and 200 DMA. Source: TradingView

Should bulls need more impetus to enter, $38,000 — the site of the 61.eight% Fibonacci retracement level from $64,500 all-time highs — may yet provide the ultimate line in the sand in the case of a more intense BTC price correction.

$60,000 coming "early on in Q4"

As Cointelegraph reported, longer-term bullishness amidst analysts has not changed much despite this week's events.

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

September is already tipped to be a lackluster month based on historical patterns, but beginning side by side month, BTC price activeness is widely anticipated to change dramatically.

"We are anticipating the $60k level to be retested one-time early in Q4, which will likely provide another correction with a terminal push to all-fourth dimension highs towards the finish of the year," Filbfilb added.

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