- Bitcoin price is failing to retain two key moving averages
- Filbfilb believes that two key averages need to be reclaimed to support further bullish rally
- Golden cross in Bitcoin price charts shows some traditional bullish signals
Bitcoin price surged earlier last week near the level of $52k since the mid-May crash. However, the week remained volatile, and BTC dipped several times below $45k. At press time the cryptocurrency is trading at the level of $46,128. Following the movements analysts warn, a weekly close much below current levels would be an issue, as critical moving averages swivel in the balance. Indeed, the crypto coin needs to retain two key moving averages to remain in the bull cycle. However, the fresh analysis revealed that the coin is failing to retain those critical moving averages.
Bitcoin price should retain two moving averages
Decentrader, a trading platform, has recently published its latest market update. The trading platform cautioned that the bulls do not have the upper hand much above current price levels. It noted that the Bitcoin price swerved downward into the weekend. Notably, the recent level is below the crucial 200-day moving average (MA) and merely above the 50-day MA.
According to Decentrader’s Filbfilb, the averages would need to be reclaimed to fuel the continuance of the bullish rally. Furthermore, Filbfilb explained that these two moving averages will need to be maintained, with any price action lower being intraweek. A weekly close below the 50 DMA would not be attractive, particularly if the 20 Week moving average is also lost.
Movements show a traditional bullish signal
Following the 50 and 200 DMA, it seems Bitcoin price is on its way to print a golden cross. Traditionally such movements in the charts have shown bullish signals. However, the dramatic sell-off of the last week may derail the process.
According to Filbfilb, the scenario is often deemed as bullish sentiment in the market. Moreover, Filbfilb noted dumps into Golden Cross and pumps into Death Cross, hence the analyst believes that the pullback was not too surprising.
Will BTC continue its bullish rally?
According to a recent report published by Cointelegraph, it is observed that analysts are not longer-term bullish. September is already pitched to be a lackluster month based on historical patterns. However, proceeding next month, Bitcoin price action is widely anticipated to shift dramatically.
According to Filbfilb, the market anticipates the $60,000 level to be retested earlier in Q4 2021. In contrast, this will likely procure another correction with a final push to a new all-time high that is estimated by the end of 2021. It is significant, as this ATH could point to a price level of $100k.