Bitcoin is above $70,000 on Iran ceasefire, but rally is turning cautious for good reasons

Leveraged bullish bitcoin positions remain near multi-year highs as bitcoin rebounds, hinting at underlying market uncertainty. What to know : Bitcoin is higher on the Iran ceasefire, but the rally is a cautious one — perhaps for good reason. Bitfinex margin long positions, which remain above 80,000 BTC, indicate that leveraged longs have not been reduced. Historically, elevated leveraged long positions have acted as a contrarian indicator, typically building during periods of stress and declining as bitcoin prices strengthen.