Bitfinex Sees Record Long Positions in Bitcoin Amid Market Slide
Bitfinex traders double down on bitcoin during five-day slide as longs hit 2.5-year high

Image: Coindesk
Traders on Bitfinex have increased their margin long positions in Bitcoin to a two-and-a-half-year high, reaching 80,636 BTC. This surge occurs despite Bitcoin's recent decline to approximately $76,000, signaling a strong accumulation trend among leveraged traders as they anticipate a rebound.
- 01Bitfinex margin longs have increased by roughly 1.5% recently, marking the highest level since December 2023.
- 02Despite Bitcoin's 13% decline this year, margin longs have risen by around 10% since January.
- 03The last time long positions were this high, Bitcoin was trading near $43,000.
- 04Bitcoin is currently testing significant resistance levels, including the True Market Mean and short-term holder cost basis near $78,000.
- 05The 200-day moving average, another critical resistance, stands just above $81,000.
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Traders on Bitfinex are demonstrating increased confidence in Bitcoin, with margin long positions climbing to 80,636 BTC, the highest level in two and a half years. This surge comes as Bitcoin struggles below key technical resistance levels, currently priced around $76,000 after a 13% decline this year. Despite the downturn, leveraged traders are accumulating positions, with the latest data indicating a 1.5% increase in margin longs over recent days. Historically, high long positions on Bitfinex have often signaled contrarian market behavior, expanding during periods of weakness and contracting near market tops. Currently, Bitcoin is testing significant resistance levels, including the True Market Mean and the short-term holder realized price, both near $78,000. Above this, the 200-day moving average looms at just over $81,000, representing another critical barrier for bullish traders. As the broader market shows signs of volatility, the accumulation by Bitfinex traders suggests a potential rebound could be on the horizon.
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