Bitcoin Price Volatility Makes A Record Weekly, Monthly Close Possible
Summary
Bitcoin (BTC) surpassed $108,500 during the June 29 weekly close, driven by bullish market conditions and whale activity. BTC/USD rose 1% to near two-week highs, with lower liquidity contributing to increased volatility. Trader James Wynn opened a $13.9 million short position, prompting attempts by others to liquidate it. Wynn's liquidation price was $108,630, but he closed his short and flipped to a long position with approximately 60 BTC. Chart analysis indicated continued market strength, with signs of bullish structure and a golden cross on the MACD indicator. Analysts noted the potential for Bitcoin to achieve its highest weekly close ever, with a key resistance level above $109,000 and a monthly breakout confirmation above $102,400.
