What to know:
- Bitfinex margin longs rose to 80,636 BTC, their highest level since December 2023, signaling continued accumulation from leveraged traders despite bitcoin falling 13% this year.
- Bitcoin is testing major resistance levels, including the True Market Mean and short-term holder cost basis near $78,000, with the 200-day moving average looming above $81,000.
Bitcoin’s price has been falling for five days straight, from May 15th to May 19th. This is its longest losing streak of the year so far, and investors are hoping to see the price increase tomorrow after five consecutive days of declines.
Bitcoin’s price recently dropped from over $80,000 to around $76,000, following a general downturn in the market.
Despite recent market declines, traders on Bitfinex are still increasing their leveraged positions in Bitcoin. TradingView data shows Bitcoin margin longs – bets that the price will rise, funded with borrowed money – have increased to 80,636 BTC. This is a rise of about 1.5% in the last few days, reaching levels not seen in two and a half years. The last time these positions were this high was in December 2023, when Bitcoin was trading around $43,000.
TradingView data shows that traders on Bitfinex have been increasing their long positions (bets that the price will go up) by about 10% this year, even though Bitcoin’s price has dropped 13%. This difference suggests that large traders are still buying Bitcoin, despite it being around 35% lower than its peak of $126,000 in October.
The “Bitfinex whale,” a large trader on the Bitfinex exchange, has often signaled shifts in the market. Over the last five years, this trader has typically increased their large, leveraged bets when prices fall, and decreased them as prices reach potential peaks, suggesting they often move against prevailing trends.
As a crypto investor, I’m watching Bitcoin closely right now. It’s nearing a really important price area. It’s currently testing two key levels around $78,000 – basically, the average price everyone bought Bitcoin for recently, and a broader measure of the market’s overall cost basis. If it breaks through that, the next big hurdle is the 200-day moving average, which is just above $81,000. Bulls will need to push it past that to really confirm a sustained move upwards.
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2026-05-20 13:04