Bitfinex leveraged long positions hit a two-and-a-half-year high as Bitcoin approaches key resistance level.

CoinFeed reported on May 20th that, according to CoinDesk, Bitfinex's leveraged long positions in Bitcoin have risen to 80,636 BTC, the highest level since December 2023. Despite BTC's year-to-date decline of approximately 13% and current price of around $77,000, Bitfinex long positions have still increased by about 10% since the beginning of the year, indicating that leveraged funds have continued to increase their holdings during price pullbacks. The article states that over the past five years, so-called "Bitfinex whales" have typically added to their positions during market weakness and sentiment capitulation, and reduced their positions before local tops and trend reversals. Currently, BTC is testing resistance around the True Market Mean of approximately $78,000, above the cost price for short-term holders. Its 200-day moving average is above $81,000, forming a key technical range that the bulls need to break through.