Bitfinex leveraged longs hit a two-and-a-half-year high, with Bitcoin approaching a key resistance level

According to CoinDesk, Bitfinex's Bitcoin leveraged long positions have risen to 80,636 BTC, the highest level since December 2023. Although BTC has fallen about 13% this year, with the current price around $77,000, Bitfinex longs have still increased by about 10% since the beginning of the year, indicating that leveraged funds continue to accumulate during price corrections.

The article states that over the past five years, so-called "Bitfinex whales" have often increased their positions during market weakness and emotional capitulation, and reduced their positions before local tops and trend reversals. Currently, BTC is testing resistance around the True Market Mean and the cost basis of short-term holders at approximately $78,000, with its 200-day moving average above $81,000, forming a key technical range that bulls need to break through.