Bitcoin price falls below $39,000 as indicators suggest risk of a deeper correction, according to Bitfinex
The bitcoin price has fallen below the $39,000 mark, causing a significant decline in short-term holder profits, according to Bitfinex.This market shift could result in increased sell pressure from the short-term holder cohort, analysts added.
According to Tuesday's Bitfinex Alpha Report, bearish sentiment appears to be prevailing in the market. "The next crucial price levels for bitcoin that could provide support are estimated to be between $38,000, which is close to the short-term holder realized price for bitcoin at $38,307, and $36,000," the report stated.
Bitfinex analysts tracked metrics for unrealized and realized profit and loss for short-term bitcoin holders, identifying that over half of the profits accumulated by this cohort have been wiped out. "Many holders, especially those who acquired bitcoin less than a month ago, are now exiting the market at a loss," the analysts added.

Short-term BTC -4.12% holders' realized and unrealized profit has declined. Image: CryptoQuant.
Market volatility causes spike in liquidations
As a result of the heightened market volatility , total liquidations of leveraged crypto positions in the past 24 hours have surpassed $330 million.
The majority of the liquidations involved long positions, leading to a loss of over $290 million, while short positions contributed only around $39 million to the total liquidations, according to Coinglass data.
The bitcoin price has dropped more than 4.5% in the past 24 hours, falling below the $39,000 mark. The world’s largest cryptocurrency by market capitalization is now trading at $38,894 as of 5.17 a.m. ET, according to The Block’s Prices Page.

The price of bitcoin has fallen below the $39,000 level. Image: The Block.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Government bond yields are pressuring everything, from home loans to equities
Share link:In this post: Government bond yields are rising fast, making it more expensive for countries to borrow and service debt. Mortgage rates are surging in the U.S., as 30-year Treasury yields jump past 5%. Stock markets are under pressure, with higher bond yields driving down equity valuations.

Thinking of buying gold for the first time? Here’s what you need to do
Share link:In this post: Investors are rushing to gold due to global wars, Fed uncertainty, and inflation fears. Major gold mining stocks like Newmont and Agnico Eagle are up over 80% this year. Spot gold is near $3,600/oz, with ETFs like GLD and IAU seen as the best way to invest.

Interest Rate Cuts and Liquidity Shift: How to Position Risk Assets for the “Roaring Twenties”?
The high volatility brought by the price surge, combined with bullish narratives, will boost market confidence, expand risk appetite, and ultimately lead to frenzy.

Trending news
MoreCrypto prices
More








