Bitcoin risks falling to $ 34,000

The flagship of the marketfell to its lowest level in seven weeks, reaching $ 39,500 on Tuesday.

The 3% drop in bitcoin has increased the size of the BTC pullback to 18.5% of the January 10 high of $ 48,500. Moreover, analysts predict that the correction may continue and reach 30%. In turn, this will lead to a drop in the asset’s price at $ 34,000.

on January 23, analytical platform CoinGlass reported that $ 225 million was liquidated over the past 24 hours, most of them in long positions on bitcoin and ethereum.

«Grayscale continues to reset the market,» the company said.

However, according to CC15Capital, since the launch of the spot ETFs, fund issuers have bought 27,717 BTC on a net basis. This equates to about $ 1.1 billion at current prices, despite the outflows from GBTC.

«Monday was a bloodbath for much of the crypto sector,» Santiment analysts added yesterday, January 23. The blockchain experts noted that compared to the week before the ETF’s approval, BTC discussion decreased by 35% and ETH by 21%, compared to what it was before.

According to the analytical tracker CoinMarketCap, as of the morning of January 24, bitcoin managed to rise by 0.7%. The cryptocurrency is trading at $ 40,124 with a market capitalization of $ 786.4 billion. Traders executed daily trading deals worth $ 30.9 billion. Bitcoin’s market share is 50.4%, and the fear and greed index is still at a pessimistic 50 points.