Bitcoin price dumps below $35,000, but is the bloodbath now over?

Since its all-time high of $69,000 in November last year, Bitcoin's price has been on a slow downtrend, with the cryptocurrency now dipping below the $35,000 mark.

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The last week in the cryptocurrency market was a bloodbath of red sell candles with only a few select projects managing to make some increases in price. Decrypt reports that at the time of writing its post, Bitcoin was up 1.64% in the last 24 hours, and now as of 12:01 am Monday, January 24, Bitcoin's price is down 0.20% with 30.96% less trading volume. Notably, the cryptocurrency briefly dipped below the $35,000 support on Friday night, with orders being filled at $34,420.

Over a week, Bitcoin and Ethereum have decreased in price by 18.38% and 27.44%, respectively. Compared to all-time highs made back in November of last year, both of the digital assets' prices are significantly down, with some traders and holders pointing towards the Federal Reserve raising interest rates, inflation, and the COVID-19 Omicron variant contributing to the overall downtrend.

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Above is a weekly chart indicating key and minor supports in Bitcoin's price. It's possible that the current global economic climate will continue to charge the fear, uncertainty, and doubt that has plagued the cryptocurrency market, which will drive the price even lower, possibly below the $30,000 mark. However, when everyone else is afraid, the opportunity for large gains is present, and large market moving wallets, or "whales", know this and are likely waiting for a prime buying opportunity at a relatively low price point.

With the previous in mind, it's possible that the downtrend could be broken around the $30,000 mark - if the current price doesn't hold - as buyers would be able to more than double their investment if Bitcoin ever re-tested its all-time high of $69,000.