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Whale activity propels Bitcoin near $109K milestone

Bitcoin prices making history.

AI Generated

NEWS IN BRIEF
  • Bitcoin nears $109K, aiming for highest-ever weekly and monthly close

  • Whale trader James Wynn’s short position sparks late-weekend volatility

  • Bullish technical signals emerge, with traders expecting upside momentum

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.

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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.

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