Bitfinex BTC longs hit highest since Nov. 2023, a historically bearish signal

Long positions for Bitcoin (BTC/USD) on Bitfinex have reached their highest level since November 2023, CoinDesk reported, citing data from TradingView. The outlet noted that while an increase in long positions typically reflects bullish sentiment, it has often acted as a contrarian indicator in the past, coinciding with price declines. For instance, during the fourth quarter of last year, as long positions on Bitfinex grew by approximately 30%, the spot price of Bitcoin fell by about 23%. This pattern suggests that crowd psychology can move in the opposite direction of the market, CoinDesk explained.