TechFlow News: On May 20, according to CoinDesk, Bitcoin margin long positions on Bitfinex surged to 80,636 BTC—the highest level since December 2023 and the highest in 2.5 years. Despite Bitcoin’s year-to-date decline of 13% and five consecutive days of losses from May 15 to May 19, leveraged traders have increased their long positions by approximately 1.5% over the past few days.
Data shows that Bitfinex margin long positions have risen roughly 10% since the start of the year, even as Bitcoin’s price has pulled back from above $80,000 to around $76,000. Bitcoin is now testing a key resistance level near $78,000, with its 200-day moving average situated above $81,000.
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