Bitfinex Whales, Moving Against the Bitcoin (BTC) Price, Made the Biggest Move in Two and a Half Years! What Does This Mean for BTC?

Bitcoin ($BTC), which rose above $82,000 last week, has been falling for five consecutive days. As the $BTC price dropped to around $77,000, Bitfinex whales made a surprise move.

Accordingly, investors on Bitfinex have increased their leveraged long positions in recent days. At this point, the volume of long positions on Bitfinex rose to 80,636 $BTC, reaching its highest level in approximately two and a half years.

Since the beginning of the year, $BTC long positions on exchanges have increased by approximately 10%, which is interpreted as a sign that large-scale investors have been consistently accumulating $BTC during market corrections. It also suggests that investors are viewing the decline as a buying opportunity.

Historically, long positions held by Bitfinex whales tend to increase when the market is trending downwards or investor sentiment is weak, and to decrease when the market is near its peaks.

In the market, this situation is interpreted as Bitfinex’s $BTC/USD long positions frequently moving in the opposite direction to Bitcoin’s price movement, and an increase in $BTC long positions could be a harbinger of a decline. Therefore, according to analysts, the current increase in Bitfinex Bitcoin long transactions warrants caution against a potential downward trend.

From a technical perspective, $BTC is currently testing critical resistance around the Real Market Average (RMA) at approximately $78,000, which is the cost floor for short-term investors. The 200-day moving average is above $81,000, presenting a significant technical level for the bulls to break through.

*This is not investment advice.