Bitcoin longs hit 2.5-year high amid 5-day slide

Bitcoin longs on Bitfinex surged to 80,636 BTC on May 20, the highest level since December 2023.

Leveraged traders on Bitfinex continued buying into Bitcoin’s sell-off, with margin long positions rising to 80,636 BTC on May 20 according to TradingView data.

The figure marks the highest level since December 2023 and represents a roughly 10% increase since the start of 2026. Bitcoin has fallen 13% year to date even as these long positions climbed.

The latest pullback saw Bitcoin slide from above $80,000 to approximately $76,000 over five consecutive losing sessions between May 15 and May 19.

It marks the second longest losing streak of the year, with the asset attempting its first daily green candle in six days at the time of writing. Bitcoin is now trading approximately 35% below its October 2025 all-time high of $126,000.

What the Bitfinex whale data signals

Historically, the so-called Bitfinex whale has acted as a contrarian indicator. Large leveraged long positions on the exchange have frequently expanded during market weakness and been reduced closer to local tops and trend reversals. The pattern does not guarantee a price floor, but it has attracted attention from analysts who track whale positioning as a leading signal.

Bitcoin is currently approaching a key technical zone. The asset is testing both the True Market Mean and the short-term holder cost basis near $78,000, with the 200-day moving average sitting above $81,000. Reclaiming that level would be seen by many traders as a first step toward structural recovery.

Why some traders are not convinced a bottom is in

Rising margin longs during a sustained price decline can also signal that a clear price floor has not yet occurred. When leveraged long positions accumulate, the market becomes vulnerable to a cascade of liquidations if prices continue falling, amplifying downside pressure rather than absorbing it.

Crypto.news has tracked analyst commentary throughout 2026 that consistently pointed to $78,000 to $81,000 as the key zone for Bitcoin to reclaim before a sustained recovery becomes probable.

The divergence between rising margin exposure and falling prices reflects an ongoing standoff between dip buyers and sellers. The Bitcoin price page tracks real-time movements as that standoff plays out.