Bitfinex BTC Margin Longs Hit Highest Level Since December 2023 — Bulls Buying the Dip!

Bitfinex bitcoin margin longs climbed to 80,636 BTC according to TradingView data, the highest reading since December 2023 — and they got there while bitcoin was falling. The asset dropped for five consecutive trading days between May 15 and 19, sliding from above $80,000 to around $76,000, yet leveraged longs on Bitfinex increased roughly 1.5% over that same stretch.

Zooming out, the position has grown approximately 10% year-to-date even as bitcoin is down 13% over the same period. That divergence — longs expanding while spot price declines — is a classic accumulation signal: professional margin traders are adding exposure into weakness rather than cutting it.

Bitcoin is now testing a cluster of key technical levels near $78,000, including the True Market Mean and the short-term holder realized price. The 200-day moving average sits above at $81,000, making that the next meaningful…