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

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

(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