Bitcoin price continued to drop on Monday, January 24
Bitcoin price slumped over 17 per cent in last one week. Will the Bitcoin sell-off continue this week as well? Here’s what cryptocurrency investors must know
- News18.com
- Last Updated:January 24, 2022, 11:04 IST
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Bitcoin starts the week with a slight drop in price after the steep sell-off last week. The world’s largest cryptocurrency dropped 0.31 per cent in the last 24 hours to $35,000 on January 24, according to CoinMarketCap. Over $1.5 billion Bitcoin trading positions were liquidated over the weekend, according to report. This was the worst weekly performance of world’s largest cryptocurrency in nearly eight months.
Bitcoin price slumped over 17 per cent in last one week. Is this going to be the worst week for cryptocurrency investors?
The sooner-than-expected policy rate hike by the US Federal Reseve has fuelled the Bitcoin rally. Investors are keenly awaiting US Federal Reserve meeting scheduled on January 25-26 for Fed’s signal. To handle the rising inflation, the central bank is likely to tighten policy at a much faster pace than thought a month ago to tame persistently high inflation, a poll by Reuters predicted.
Bitcoin Price This Week: Worst Week Ahead?
“After a rally from $41,000 to $44,000 during the start of last week, Bitcoin plummeted to $34,000 levels over the last couple of days with the strengthening of the US dollar. On the daily timeframe, Bitcoin has broken down from the descending channel pattern. A key support is expected at the $30,140 level.
The RSI has reached its lowest in 2 years which indicates that BTC is in the extreme oversold zone. All these factors amount to a certain reversal in the crypto markets,” said WazirX trade desk.
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Source: News18