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Bitcoin Faces Downward Pressure as Analysts Warn of Further Price Corrections

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You can also read this news on BH NEWS: Bitcoin Faces Downward Pressure as Analysts Warn bitcoin of Further Price Corrections
Bitfinex analysts have reported that Bitcoin‘s drop below the $39,000 level could lead to increased risk of further price corrections by short-term holders. These holders tend to react more sharply to short-term market volatility. The recent Bitfinex Alpha Report indicates a prevailing downtrend in the market.
The report highlights critical support levels at $38,000 and $36,000, suggesting that the next significant price levels for Bitcoin could be within this range, close to the average purchase prices of short-term asset holders.
Analysts have tracked unrealized and realized profit and loss data for short-term Bitcoin holders, finding that more than half of the accumulated profits have been wiped out. Many Bitcoin owners, especially those who bought within the last month, are currently exiting the market at a loss.
Market volatility has led to over $330 million in liquidations in the futures market in the last 24 hours, according to Coinglass data. The majority of these liquidations are long positions, resulting in losses over $290 million, while short positions contributed only about $39 million to the total liquidations.
In the past 24 hours, the Bitcoin price has fallen more than 4.5%, dropping below the $39,000 level. At the time of writing, the largest cryptocurrency by market cap was trading at $38,901, testing some of its lowest levels recently due to increased selling pressure.
The post first appeared on BH NEWS: Bitcoin Faces Downward Pressure as Analysts Warn of Further Price Corrections

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