Bitcoin Surges Past $108,500 Amid Weekend Volatility

Bitcoin (BTC) climbed back towards the $109,000 benchmark during June 29 trading, closing the week above $108,500. The price action followed familiar patterns of high-stakes trading (“whale games”) occurring within an overall bullish market framework.

Data from Cointelegraph Markets Pro and TradingView indicated a near 1% daily gain for BTC/USD by the week’s final trading session, pushing prices towards two-week highs.

Famous Trader James Wynn’s Short Sale Ignites Weekend Stir

The weekend volatility was closely linked to trading activities from the now-renowned Hyperliquid trader, James Wynn.

Reports surfaced of Wynn establishing a substantial short position worth $13.9 million in BTC. This caught the attention of market participants.

The anticipation of Wynn’s liquidation at the $108,630 level fueled caution and activity. However, the action appeared short-lived, as Wynn closed his short position prematurely and flipped it into a long, acquiring approximately 60 BTC.

Coinciding with this, long-time holder @AguilaTrades reportedly increased their long position significantly.

Bullish Short-Term Market Structure Persists

Despite the brief tension caused by Wynn’s short position, short timeframes continued to exhibit characteristics favouring bullish price action.

Analysis pointed towards a prevailing bullish structure, with price attempting to clear resistance levels consistently.

Traders Signal Continued Strength

Market analysts noted several indicators suggesting bulls retain control.

Popular trader @AutumnRiley highlighted the 15-minute chart, observing that each new high was met with a reaction lower, yet the reaction lows were progressively strengthening (“higher lows”).

Another noted trader @BitBull identified a bullish “golden cross” in the Moving Average Convergence/Divergence (MACD) indicator, suggesting stronger upward momentum.

The low liquidity inherent to the weekend, which allows for more volatile moves on reduced volume, was acknowledged as a factor contributing to the temporary price action. The expectation was that Monday’s开盘 would bring increased volatility, likely trending upward.

BTC Seeks Historic Weekly and Monthly Highs

The significant price levels touched during the final session have sparked speculation about potential records.

Analyst @Rekt Capital discussed the possibility that the current week’s close could surpass the highest-ever recorded weekly close for Bitcoin, lying just shy of $109,000 on exchanges like Bitstamp.

Successfully surpassing this weekly peak would mark a significant milestone, enabling further price appreciation towards new all-time highs (ATHs).

Concurrently, the all-time monthly high remains firmer, currently standing at an approximate $104,630 level.