The crypto market is witnessing a notable downturn, with Bitcoin’s price plummeting below the $39,000 threshold. Bitfinex’s latest Alpha Report paints a bearish picture, suggesting that the prevailing market sentiment is inclined toward further downturns.
This perspective is based on analyzing critical price levels that could support BTC’s falling value.
Further Plunge Ahead?
The ongoing decline in Bitcoin’s value, as highlighted by Bitfinex, has caused a significant reduction in short-term holder profits and raised concerns about increased selling pressure from this group of investors.
Analysts from Bitfinex emphasize that this trend could potentially lead to “further substantial price correction,” in the Bitcoin market. Short-term holders, known for their sensitivity to market movements, could trigger further price dips, with critical support levels identified at “$38,000 and $36,000.”
According to the report, this range closely aligns with the realized price of BTC f
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