Bitcoin’s five-day decline saw Bitfinex traders aggressively add long positions, which climbed to a 2.5-year high.

Bitfinex margin longs have climbed to a 2.5-year high, even as Bitcoin continues to struggle below key resistance near the $78,000 level.

Bitcoin (BTC) has now declined for five straight sessions between May 15 and May 19, marking its second-longest losing streak of the year and failing to secure a sustained recovery. The recent downturn has pushed BTC from above $80,000 to around $76,000, reflecting broader weakness across crypto and risk assets.

Despite the price pressure, leveraged traders on Bitfinex have continued to build long exposure. According to TradingView data, Bitcoin margin longs—positions funded through borrowed capital—have increased to 80,636 BTC, up roughly 1.5% over the past several days. This marks the highest level since December 2023, when Bitcoin traded near $43,000.

On a broader scale, Bitfinex longs have risen about 10% year-to-date, even as Bitcoin has dropped roughly 13% over the same period. The divergence suggests continued accumulation by larger traders despite BTC trading nearly 35% below its October all-time high of $126,000.

Historically, Bitfinex margin positioning has been treated as a contrarian signal, with elevated long exposure often appearing during periods of market stress and sharp drawdowns, while positions tend to be reduced near local tops.

From a technical perspective, Bitcoin is approaching a major resistance zone. The price is testing the True Market Mean—an on-chain metric representing the network’s aggregate cost basis—alongside the short-term holder realized price, which reflects the average purchase level of recent buyers over the past 155 days. Both indicators sit near $78,000, just above current spot levels.

Above this area, the 200-day moving average is positioned slightly over $81,000, acting as the next significant resistance level bulls must overcome to confirm a broader upward trend.