Bitcoin Price Falls to $35,000, Cardano, Solana Down. Worst week ahead for the crypto market?

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Bitcoin starts the week with a slight drop in price after last week’s strong sell-off. The world’s largest cryptocurrency fell 0.31% in the past 24 hours to $35,000 on Jan. 24, according to CoinMarketCap. Over $1.5 billion in Bitcoin trading positions were liquidated over the weekend, according to the report. This is the worst weekly performance for the world’s largest cryptocurrency in almost eight months.

Bitcoin price has fallen over 17% in the past week. Is this going to be the worst week for cryptocurrency investors?

The US Federal Reserve’s earlier-than-expected key rate hike fueled the Bitcoin rally. Investors are eagerly awaiting the US Federal Reserve meeting scheduled for January 25-26 for the Fed’s signal. To deal with rising inflation, the central bank would need to tighten policy at a much faster pace than thought a month ago to bring still-high inflation under control, a Reuters poll predicted.

Bitcoin Price This Week: Worst Week Ahead?

“After rallying from $41,000 to $44,000 early last week, Bitcoin has fallen to $34,000 over the past two days as the US Dollar strengthens. On the daily timeframe, Bitcoin broke down from the descending channel pattern. Key support is expected at the $30,140 level.

The RSI hit a 2-year low, indicating that BTC is in the extreme oversold zone. All of these factors represent some reversal in the crypto markets,” WazirX trade desk said.

The price of Ether, however, has surged in the past 24 hours. The world’s second largest cryptocurrency price climbed 0.36% to $2,432 on Jan. 24, according to CoinMarketCap. On the price of Ether, trade desk WazirX said, “Ethereum slipped to $2,300 and other Altcoins followed suit taking a huge beating. Ethereum vs.

Bitcoin has weakened over the past two days. The daily trend pattern continues to trade in the ascending channel pattern. Immediate support is expected at 0.0658. The RSI fell below 30 for the first time since December 2020.”

The overall cryptocurrency market capitalization has fallen to $1.61 trillion in the past 24 hours. Total crypto market volume stood at $82.88 billion in the past 24 hours, down 35.49%. Total DeFi volume was $12.13 billion, or 14.64% of the total 24-hour crypto market volume, when the article was published. The volume of all stablecoins is now $65.99 billion, or 79.61% of the total 24-hour crypto market volume, according to CoinMarketCap.

On the fall of the crypto, the CoinDCX research team said, “A bloodbath of selloffs on exchanges over the past few days as the crypto suffered a major decline. Although there has been some respite, with a temporary recovery in prices, prices remain depressed, barely making up for lost ground. While macro challenges continue to be a major overshoot, it remains to be seen if we are really out of the woods. It looks like we may have just entered a cyclical bear market, with a high probability for us to go lower or at least be in a range over the next few months.”

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