Bitcoin longs cut $106M — Are Bitfinex BTC whales turning bearish above $86K?
Bitfinex margin traders show high-risk tolerance, and a decrease in their longs doesn’t necessarily mean BTC’s price will immediately pull back.
Despite Bitcoin’s (BTC) price reaching its highest level in over three weeks, traders on Bitfinex reduced their leveraged long (bullish) positions on margin contracts by more than $100 million between April 17 and April 19.
This reduction has led to speculation that Bitcoin whales may be anticipating a price correction or, at the very least, are not confident in further short-term gains. Let’s look closer at whether this could be the case.
Bitcoin surged above $86,000 on April 21 after US President Donald Trump openly discussed the possibility of replacing Federal Reserve Chair Jerome Powell. Trump criticized Powell for not acting swiftly enough to ease monetary policy.