The bitcoin price has fallen below the $39,000 mark, leading to an increased risk of a further price correction from the short-term holder cohort, Bitfinex analysts said. "The tendency of short-term holders to react more acutely to short-term market fluctuations means there is a possibility of a further substantial price correction, with critical support levels only at $38,000 and $36,000," they noted.

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 …