Bitcoin has fallen below $35,000 to key technical levels that analysts say could be make or break for the next move higher

Bitcoin has fallen below $35,000 to key technical levels that analysts say could be make or break for the next move higher

A visual representation of the digital Cryptocurrency, Bitcoin.







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The Bitcoin price hovered around $35,000 and technical analysts said this point was a pivotal one on the daily charts.

A break above this level could push Bitcoin back towards all-time highs around $41,000, while a marked drop below could trigger a fall towards key support at $30,000, they said.

Although the longer-term outlook for both cryptocurrencies remains skewed to the topside, further losses look likely in the coming days," DailyFX strategist Daniel Moss said in a note.

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Bitcoin fell on Wednesday, heading for its largest weekly fall since late August, as a combination of a stronger dollar and a bout of profit-taking swept $172 billion in value from the cryptocurrency market since the start of the week, leaving the price at a pivotal point on the charts. 

Rival coins such as Ethereum and Ripple Labs' XRP, along with smaller alt-coins Litecoin and Cardano, sagged after several days of heightened volatility. 

Trade in cryptocurrencies has been booming for the last five months in particular.