Bitcoin price dropped to $35,000, while Cardano and Solana also dropped
After a sharp drop last week, Bitcoin prices are marginally lower this week. The world’s largest cryptocurrency, according to CoinMarketCap, has dropped 0.31 percent in the last 24 hours to $ 35,000 on January 24th. Over $ 1.5 billion in Bitcoin trading positions were reportedly liquidated over the weekend. This was the worst week in almost eight months for any of the world’s leading cryptocurrencies.
Bitcoin’s price dropped by more than 17% last week. Is this going to be the worst week for cryptocurrency investors?
The US Federal Reserve raised policy rates earlier than predicted, aiding Bitcoin’s recovery. Investors are looking forward to the Federal Reserve Board meeting on January 25-26, which is expected to telegraph the Fed’s next move. According to Reuters polls, central banks are set to tighten policy far faster than expected a month ago to combat persistently rising inflation.
Last Week’s Bitcoin Price: Worst Week Ever?
“After climbing from $ 41,000 to $ 44,000 at the start of last week, Bitcoin has dropped below $ 34,000 in the previous two days as the US currency has strengthened. Bitcoin’s down-channel pattern collapses in the daily time frame. The $ 30,140 level is projected to provide key support.
The RSI has dropped to its lowest level in two years. This means BTC is in an excessively oversold condition. According to WazirX The Trade Desk, “all of these elements indicate a steady reversal in the crypto market.”