Bitfinex Bitcoin longs hit 6-month high — Will BTC price follow?

Leverage long Bitcoin positions at Bitfinex hit a 6-month high, but data shows the bullish sentiment is mostly shared among risk-loving traders.

Bullish Bitcoin (BTC) positions using leverage on the Bitfinex exchange surged to their highest level in nearly six months, reaching 80,333 BTC on March 20 — equivalent to $6.92 billion.

The 27.5% increase in Bitcoin margin longs since Feb. 20 has fueled speculation that the 12.5% BTC price gain from the $76,700 low on March 11 is driven by leverage and may not be sustainable.

Bitfinex BTC margin longs, BTC. Source: TradingView / Cointelegraph

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