Bitfinex Bitcoin longs hit a record-high, but does that mean BTC has bottomed?

Cointelegraph

Published Jun 06, 2022 03:30PM ET

Updated Jun 06, 2022 05:00PM ET

Bitcoin (BTC) has been unable to close above $32,000 for the past 28 days, frustrating bulls and pushing the Fear and Greed index to bearish levels below 10. Even with June 6’s small boost, the tech-heavy Nasdaq stock market index is down 24% year-to-date.

Investors who keep a close eye on regulatory development were possibly scared after New York state made clear its intention to regulate the crypto industry, including Bitcoin mining.

Bitfinex BTC margin longs (blue), in BTC contracts. Source: TradingView
Bitfinex BTC margin longs (blue), in BTC contracts. Source: TradingView

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