Bitcoin Whales Close 12,000 BTC Longs On Bitfinex: Rally Stopping Soon?
Summary
Bitfinex traders have closed 12,000 Bitcoin long positions in the past week, reducing total long positions to around 80,000 BTC. This behavior was previously seen after Bitcoin's sharp rally in March when traders apparently moved to lock in their profits. Despite this closure of long positions, Bitcoin’s price has surged above $38,000. However, given that traders missed their mark when closing long positions earlier in the year, a similar pattern might repeat, with a top for the cryptocurrency arriving with some delay. Despite the potential short-term bearish view, with 80,000 BTC in long positions still open on Bitfinex, many whales are still bullish on Bitcoin.
