$BTC Bitcoin Bulls Double Down as Leveraged Traders Push Long Positions to 2023 Highs
Bitcoin traders on Bitfinex are showing growing confidence despite the market’s recent turbulence. Margin long positions on the exchange have surged to 80,636 BTC, marking their highest level since December 2023. The sharp rise suggests that leveraged traders continue accumulating bitcoin aggressively, even as the world’s largest cryptocurrency remains down nearly 13% since the start of the year.
Market analysts believe this increase in long exposure reflects optimism that bitcoin could soon regain bullish momentum. The cryptocurrency is currently testing several critical resistance levels, including the True Market Mean and the short-term holder cost basis around the $78,000 mark. A successful breakout above these levels could open the door for a stronger rally in the coming weeks.
However, traders remain cautious as the closely watched 200-day moving average near $81,000 continues to act as a major technical barrier. If bitcoin fails to clear this resistance zone, the market could face another wave of volatility and short-term selling pressure.
Still, the growing appetite for leveraged long positions signals that many investors expect bitcoin’s broader uptrend to remain intact despite ongoing uncertainty.