Bitcoin price drops to $35,000, Cardano, Solana down. Worst week for the crypto market?

Bitcoin starts the week with a slight drop in price after last week’s steep sell-off. According to CoinMarketCap, the world’s largest cryptocurrency fell 0.31 percent in the past 24 hours to $35,000 on Jan. 24. More than $1.5 billion worth of Bitcoin trading positions were liquidated over the weekend, according to the report. This was the worst weekly performance of the world’s largest cryptocurrency in nearly eight months.

Bitcoin’s price fell more than 17 percent in the past week. Will this be the worst week for cryptocurrency investors?

The earlier-than-expected rate hike by the US Federal Reserve has fueled the Bitcoin rally. Investors are eagerly awaiting the US Federal Reserve meeting scheduled for January 25-26 for the Fed’s signal. To cope with rising inflation, the central bank is likely to tighten policy much faster than thought a month ago to contain persistently high inflation, a Reuters poll predicted.

Bitcoin Price This Week: Worst Week Ahead?

“After rallying from $41,000 to $44,000 at the start of last week, Bitcoin has plummeted to $34,000 in recent days with the strengthening of the US dollar. On the daily timeframe, Bitcoin has broken off the bearish channel pattern. A key support is expected at the USD 30,140 level.
The RSI has hit its lowest point in 2 years, indicating that BTC is in the extreme oversold zone. All these factors add up to a certain turnaround in the crypto markets,” said WazirX trading desk.

However, the Ether price has risen in the past 24 hours. The world’s second largest cryptocurrency price climbed 0.36 percent to $2,432 on Jan. 24, according to CoinMarketCap. On the Ether price, WazirX trading agency said, “Ethereum slipped to $2,300 and other Altcoins followed suit with a massive defeat. Ethereum vs.
Bitcoin has weakened in recent days. The daily trend pattern continues to trade within the rising channel pattern. Immediate support is expected at 0.0658. The RSI fell below 30 for the first time since December 2020.”

The total cryptocurrency market cap dropped to $1.61 trillion in the past 24 hours. Total crypto market volume in the past 24 hours was $82.88 billion, down 35.49 percent. The total volume in DeFi was $12.13 billion, 14.64 percent of the crypto market’s total 24-hour volume as the article was published. The volume of all stable coins is now $65.99 billion, which is 79.61 percent of the total 24-hour volume of the crypto market, according to CoinMarketCap.

On crypto tumbling, the CoinDCX research team said: “A carnage of liquidations in exchanges in recent days as crypto had suffered a major decline. While there has been some calm, with prices temporarily recovering, prices remain low and are making a comeback. barely making up for lost ground. With macro-related challenges continuing to form a large overhang, it remains to be seen if we are really out of the woods. It seems that we may have just entered a cyclical bear market, with a high probability that we be lower or at least within range in the coming months.”

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