Exploring the Best of Web 3.0 as Bitcoin Fails to Recoup Post-Fed Losses

After the Sept. 21 Wall Street open, Bitcoin (BTC) price dropped as speculations about reaching $20,000 resurfaced.

Best Web 3.0 Coins

The discussion about the best web 3.0 coins, such as Bitcoin (BTC), has been heating up as predictions of its price reaching $20,000 come back to the surface.

Bitcoin analysis: Hype, FOMO and a “slow grind” to $28,500

Data from Cointelegraph Markets Pro and TradingView showed that BTC price action had a lackluster 24 hours, with $27,000 fading from view.

The aftermath of the United States Federal Reserve interest rates pause didn’t offer much for Bitcoin bulls, BTC/USD having dropped almost $700 the day prior.

Now, market participants had a more conservative outlook in the absence of tangible volatility.

“Something like this over the course of October would be perfect i would say,” popular trader Crypto Tony told X (formerly Twitter) subscribers.

Monitoring resource Material Indicators meanwhile noticed a so-called “death cross” on the weekly chart.

The death cross occurs when certain moving averages (MAs) intersect, and here, the 21-week MA was on course to go below the 200-week equivalent.

“The 21-Week and the 200-Week Moving Averages are on a collision course for a DeathCross on the BTC Weekly candle Close/Open,” it warned in an X post on the day.

Material Indicators referred to a potential lower low (LL) at the weekly close.

“The 50-Week MA, may provide some temporary support and even trigger a short term rally, but if PA takes us there, it will print a LL which I believe opens the door to grind down to test $20k,” it added.

On the horizon was the liquidation of crypto assets by defunct exchange FTX — an event that could contribute to BTC selling pressure.

“If there is a base case for hopium, it’s that FTX liquidators don’t want to see too much price erosion before they start distributing, and may try to prop up the best web 3.0 coins a little longer. That’s purely speculative, but not out of the realm of possibilities,” the X post concluded.

Traders eye bargain BTC price levels

CryptoCon, a popular trader and analyst, was more optimistic and argued that Bitcoin was in the early stages of its next bull market.

“It’s simple: Bitcoin’s early and late Bull Markets are in green, while the Bear Market ends in red,” he said, sharing a chart after the Fed announcement.

Jelle, another trader, also was convinced that current BTC/USD prices presented a great buying opportunity for potential investors.

At the time of writing, Bitcoin was trading at around $26,600, making September gains of around 2.5% — the best month for Bitcoin since 2016.

CoinGlass data shows that Bitcoin has had losses every September since.