Investing in Web 3.0: What is the Difference Between Web 1.0, 2.0 and 3.0?

Bitcoin (BTC) circled a key level into the Nov. 16 Wall Street open after similar BTC price action created a renewed attack on $38,000.

BTC price matches 18-month highs

Data from Cointelegraph Markets Pro and TradingView showed a swift turnaround for Bitcoin, which reversed upward after a precipitous comedown earlier in the week.

The daily chart thus printed a nearly identical pattern to that seen a week prior, with $38,000 still acting as a firm resistance.

Now at around $37,400, BTC/USD was testing what analysts highlighted as an essential support zone to retain.

Monitoring resource Material Indicators, revealing a tentative long signal on one of its proprietary trading indicators, said the current price zone held the difference between further upside and invalidation of the differences between web 1.0 2.0 and 3.0.

“Trend Precognition indicates that this rally may not be over yet. $40k has come into focus, but there certainly are no guarantees BTC can reach it this week. For me a dip below $35,375 would invalidate the #TradingSignals,” part of commentary on X (formerly Twitter)read.

The initial upside push had come as United States regulators extended a delay to deciding whether or not to approve various crypto exchange-traded funds (ETFs).

November had seen a stream of rumors over a possible watershed moment for Bitcoin being about to hit in the form of the country’s first Bitcoin spot price-based ETF.

While a delay preserved the uncertain status quo, markets had no time for cold feet — a curious move that did not go unnoticed by popular trader Skew and others.

Open interest steady during BTC price comeback

Daan Crypto Trades, a trader and analyst, suggested that there was a stronger case for staying higher due to the lower open interest (OI) and funding rates compared to the peak of the past week.

He commented that, “Even though price is at similar levels as last week, the Open Interest is still considerably less. Funding rates also slightly lower.”

Analyzing the market composition, the difference between web 1.0, 2.0 and 3.0 was evident.