Bitcoin’s Rollercoaster: Will It Soar or Just Scream? 🎢💸

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So, Bitcoin has been on a wild ride lately, like a toddler on a sugar high after discovering candy. After hitting a new all-time high last week, it seems our favorite cryptocurrency is now taking a breather—because who doesn’t love a good correction? 🙄 The market is feeling a bit like a deflated balloon, especially as we wrap up May with some serious downward pressure.

In this epic showdown between bulls and bears, predicting Bitcoin’s next move is about as clear as mud. But wait! A recent on-chain observation suggests that there’s some bullish activity brewing on a popular centralized exchange. Could this be the secret sauce for Bitcoin’s short-term comeback? Only time will tell! ⏳

‘Decreased Bitfinex Longs May Be Good For BTC’s Momentum’ — Alphractal

In a post that dropped on May 30 on social media platform X (formerly known as Twitter, because rebranding is all the rage), crypto analytics firm Alphractal took a deep dive into the relationship between leveraged long positions on Bitfinex and Bitcoin’s price direction. Spoiler alert: it’s complicated! 🤔

According to Alphractal, there’s an inverse relationship between BTC’s price trajectory and those long positions on Bitfinex. Translation: more long positions = higher chance of a price drop. It’s like a game of musical chairs, but instead of chairs, we have wallets, and instead of music, we have panic. 🎶💔

They also pointed out that traders often misjudge the market’s actual trajectory. So, when they’re wrong (which is often), it leads to liquidations and forced position closures, sending Bitcoin’s price on a rollercoaster ride in the opposite direction. 🎢

In their latest post, Alphractal noted that Bitfinex Long Positions are on the decline. If this trend continues, we might just see Bitcoin take off again! But if those long positions start climbing, we could be in for a bumpy ride downwards. Buckle up! 🚀

Bitcoin Price At A Glance

As of now, Bitcoin is trading just above $104,100, which is a bit of a bummer with a more than 2% decline in the last 24 hours. And if you thought that was bad, it’s even worse on the weekly scale, with a loss of over 4% in the past seven days. Ouch! 😬

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2025-05-31 19:12