- Bitcoin approaches $109,000, nearing its highest-ever weekly closing value.
- Market volatility increases as Hyperliquid’s James Wynn switches between short and long positions in Bitcoin.
- Bullish activity remains strong on short-term trading charts, with upward trends continuing.
- Technical signals, such as a “golden cross” on the MACD indicator, point to possible further gains.
- Traders monitor key levels for potential record-setting weekly and monthly closes.
Bitcoin saw increased price movement over the weekend as the cryptocurrency traded near $108,500 on June 29. The trading shift followed significant activity involving trader James Wynn from Hyperliquid, who moved his position from a $13.9 million short bet to a long trade on Bitcoin.
Trading data from Cointelegraph Markets Pro and TradingView showed Bitcoin gaining roughly 1% for the day and reaching its highest point in two weeks. Thinner weekend trading volume led to increased volatility, as attempts to force Wynn’s short position into liquidation pushed the price near his $108,630 threshold. After closing his short position, Wynn took a long position with around 60 BTC.
Other prominent traders also adjusted their strategies. Aguila Trades reportedly increased his long exposure to 2,201 BTC, worth about $238 million. Technical analysis highlighted short-term bullish momentum. Analyst Autumn Riley noted on social platform X that the 15-minute chart structure was bullish, with higher lows forming and seller pressure gradually decreasing. “Every time price sweeps a high, it reacts down but keeps making higher lows. The pressure from sellers is fading slowly.”
Further optimism came from a developing golden cross—a positive chart pattern—on Bitcoin’s MACD (Moving Average Convergence/Divergence) indicator, as noted by trader BitBull. He posted, “Another signal which shows that bulls are in control… Right now, we are in a low liquidity weekend so don’t expect big movements. Once the market opens tomorrow, I’m sure the volatility will kick in and it’ll most likely be to the upside.” The golden cross happens when a short-term average price moves above a long-term one, often indicating a strong trend.
Market participants watched weekly and monthly closing levels for Bitcoin. Analyst Rekt Capital pointed out that a weekly close above roughly $109,000 would mark a new all-time high, while a close over $102,400 could confirm a broader monthly breakout range. “Bitcoin has never performed such a Weekly Close. Therefore in doing so, that would not only be historic, but it would enable Bitcoin to enjoy a new uptrend into new All Time Highs.”
At the time of the report, the highest weekly close for Bitcoin had been set just above $109,000, and the record monthly close stood at around $104,630. The article cautions readers that all investments come with risk and encourages independent research before trading.
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