- Bitcoin long position on Bitfinex surges to 54,595 BTC.
- This marks the highest in nearly 3 months.
- ANalysts expect a major Bitcoin comeback soon.
As the price of Bitcoin (BTC) breaks out of its stagnant standstill at the $95,000 price and finally pumps towards higher prices, the market sentiment improves with it. Presently, Bitcoin Shows strong signs of reclaiming its 6-digit prices and this is reflected in Bitcoin long positions on Bitfinex which has surged tremendously.
Bitcoin Long Position on Bitfinex Surges
As we can see from the post above, Bitcoin long positions on Bitfinex have surged to 54,595 BTC amounting to $5.2 billion, the highest in nearly three months. The present week marks Bitcoin’s fourth red week in a row. So far, a bull market has never seen five weeks of red in a row leading many analysts to believe that the next week will be bullish for BTC.
This paired with several bullish indicators on the BTC price chart points to an explosive rally in the coming week ahead. Bitcoin is expected to do more than reclaim its 6-digit prices and take back its previous ATH of $109,114.88, but surge to a much higher high soon. Seasoned analysts have noticed bullish divergences appear on the BTC price chart.
Bitcoin Enters Bullish Pump Phase
Despite the many bullish signals, BTC continued to stagger until its breakout to the $97,000 price range earlier today. As we can see from the post above, another analyst marks a bullish observation on the BTC daily price analysis with SMA Multiplier. He says that BTC has just entered the orange phase and will soon move to even bullish areas of red, purple, blue, navy, and black.
