3 reasons Bitcoin tumbled below $30,000 in a surprise overnight correction

The price of (BTC) is continuing to reject the $35,000 resistance level, falling below $30,000 briefly overnight on Jan. 22.

BTC has pared some losses since, bouncing above $31,500. At these prices, however, is headed for its worst week ever, losing over $5,000 in the past four days, as the bulls attempt to establish $32,000 as new support.

BTC/USD 1-week candle chart (Coinbase). Source: Tradingview
Bitcoin options traded contracts. Source: Laevitas
Bitcoin price chart with key levels. Source: TradingView.com, Scott Melker