Bitfinex margin longs have risen to a 2.5-year high, even as Bitcoin remains under pressure below key resistance near the $78,000 level.

Bitcoin (BTC) has now recorded five consecutive daily losses between May 15 and May 19, marking its second-longest losing streak of the year and struggling to regain upward momentum. The recent decline has pulled BTC from above $80,000 to around $76,000, mirroring broader weakness across crypto and risk assets.

In contrast to the price action, leveraged traders on Bitfinex continue to add exposure. TradingView data shows Bitcoin margin longs—positions taken using borrowed funds—have increased to 80,636 BTC, up about 1.5% over the past several sessions. This level is the highest since December 2023, when Bitcoin was trading near $43,000.

Year-to-date, Bitfinex margin longs have expanded roughly 10%, even as Bitcoin itself has fallen about 13%. The divergence highlights sustained accumulation by larger traders despite BTC trading nearly 35% below its October all-time high of $126,000.

Historically, Bitfinex positioning has often been viewed as a contrarian indicator. Elevated long exposure has frequently appeared during periods of market stress and drawdowns, while leverage tends to be reduced near local peaks and trend reversals.

From a technical standpoint, Bitcoin is now approaching a key resistance cluster. Price is testing the True Market Mean—an on-chain metric that reflects the network’s aggregate cost basis—alongside the short-term holder realized price, which represents the average acquisition level of recent buyers over the past 155 days. Both levels are concentrated near $78,000, just above current spot prices.

If Bitcoin breaks above this zone, the next major resistance sits at the 200-day moving average, located slightly above $81,000, which bulls will need to reclaim to support a broader recovery trend.