Bitcoin fails to recoup post-Fed losses as $20K BTC price returns to radar
Bitcoin (BTC) circled lower after the Sept. 21 Wall Street open as $20,000 BTC price predictions resurfaced.
Data from Cointelegraph Markets Pro and TradingView covered a lackluster 24 hours for BTC price action, with $27,000 fading from view.
The aftermath of the United States Federal Reserve interest rates pause offered little for Bitcoin bulls, BTC/USD having dipped almost $700 the day prior.
Now, market participants returned to 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 eyed a so-called “death cross” on the weekly chart.
The death cross occurs when certain moving averages (MAs) collide, and here, the 21-week MA was on course to head 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 referenced 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 price up a little longer. That’s purely speculative, but not out of the realm of possibilities,” the X post concluded.
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