Bitcoin margin longs on Bitfinex have surged to a two-year high, totaling 83,933 BTC, despite a recent 26% price decline over the past 90 days. This increase in margin positions comes as Bitcoin's price plummeted to its lowest level in over two months, retesting the $84,000 support amid broader market risk aversion. The rise in Bitfinex longs is not necessarily a bullish indicator, as arbitrage strategies often offset these positions by selling BTC futures contracts. This suggests a neutral impact on Bitcoin's price movement. The market's cautious stance is further influenced by concerns over tech stock valuations and the artificial intelligence sector, with Microsoft shares dropping 11% due to disappointing financial reports. Additionally, the recent Bitcoin dip coincided with a sharp drop in gold prices, highlighting investor uncertainty. Despite the increase in margin longs, onchain data and derivatives show limited signs of a broader bullish recovery for Bitcoin.