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

The last week in the cryptocurrency market has been a sea of red sell candles as prices across the board took a massive hit.

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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.

Bitcoin price dumps below $35,000, but is the bloodbath now over? 03

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.

Bitcoin price dumps below $35,000, but is the bloodbath now over? 02

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.

NEWS SOURCES:decrypt.co, decrypt.co

Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science, space, and artificial intelligence news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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