Bitcoin Eyes $78K Resistance as Bitfinex Longs Hit 2.5-Year High, Trump Media Pulls ETF
A five-day slide for Bitcoin failed to deter leveraged traders on Bitfinex, where margin longs climbed to roughly 80,636 BTC, their highest reading since December 2023. The position size represents continued accumulation by deep-pocketed traders even as the asset has slumped 13% year-to-date and remains around 35% below its October all-time high near $126,000. Margin longs have actually grown about 10% since January, a counter-trend posture that historically expands during periods of capitulation. Bitcoin is now wrestling with the True Market Mean and short-term holder cost basis near $78,000, with the 200-day moving average overhead at roughly $81,000. Trump Media resistance starts at $78,460 before the heavier $80,476 and $82,905 zones. RSI at 47.8 leaves the asset in neutral-to-soft territory, and a bearish MACD signal alongside a sideways trend argues for caution near the upper band. A reclaim of $78,460 on rising volume would validate the bullish case toward $80,500; a daily close beneath $76,825 likely opens the path to the $75K handle and invalidates the recovery thesis.









