Bitcoin rallied over the weekend, breaking above $108,500 and approaching its highest-ever weekly and monthly closing levels. The surge, seen on June 29, came amid low-liquidity trading conditions and renewed interest from prominent market participants.
A major contributor to the weekend’s price action was the return of James Wynn, a controversial trader from Hyperliquid. Wynn initially opened a $13.9 million short position, but as Bitcoin neared his liquidation price of $108,630, he abruptly flipped long, acquiring around 60 BTC. This move appeared to trigger a coordinated effort from other traders to liquidate his position, injecting volatility into the market.
BTC/USD gained roughly 1% on the day, TradingView showing prices near two-week highs. The low-volume environment allowed for exaggerated price swings, amplifying the impact of whale activity.
Bullish momentum and historic close on the horizon
Market analysts pointed to encouraging technical signals. Traders noted that Bitcoin continued to post higher lows on the 15-minute chart, despite minor pullbacks. Another trader, observed a golden cross forming on the Moving Average Convergence/Divergence (MACD) indicator often seen as a sign of near-term strength.
Attention now turns to Bitcoin’s upcoming weekly and monthly candle closes. Market Analyst emphasized that a close above the $109,000 level would mark Bitcoin’s highest-ever weekly close. The current monthly record stands at approximately $104,630, while a close above $102,400 would confirm a monthly breakout. If achieved, these milestones could pave the way for a new all-time high.