Bitcoin bullish bets hit 28-month high

Bullish Bitcoin long positions on Bitfinex have surged to their highest level since November 2023, reaching 79,343. Historically, this metric has served as a contrary indicator, often preceding price tops and subsequent sell-offs. The current spike in longs, coupled with macroeconomic concerns like potential Fed rate hikes and geopolitical instability, suggests an increased risk of a deepening bear market for Bitcoin. Analysts note an inverse relationship between Bitfinex longs and Bitcoin's price, with peaks in long positions often coinciding with price bottoms.