BTC longs remain overheated despite $70K rebound, analysis shows

Bitcoin has reclaimed the $70,000 level amid hopes for a ceasefire in Iran, but the market remains cautious about the rally's sustainability, according to an analysis by CoinDesk. The outlet noted that margin long positions on Bitfinex are holding at 80,057 BTC, a two-year high, reflecting significant leveraged bets on further price increases. These long positions have not decreased even as Bitcoin has risen more than 20% from its low of $60,000 about two months ago, suggesting the market does not view the current rebound as a complete removal of risk. Meanwhile, institutional demand for BTC also appears to be slowing, with the Coinbase BTC Premium Index fluctuating between positive and negative territory, indicating a lack of clear buying pressure.