Bitcoin is once again in the spotlight as it flirts with a historic price milestone. With weekend volatility kicking in, BTC is approaching the critical $109,000 resistance, setting up a potential record-breaking weekly and monthly close.
Bitcoin Bulls Maintain Control Amid Weekend Volatility
Bitcoin (BTC) rose above $108,500 on June 29, marking its highest price in two weeks. The move comes during the typical low-volume weekend trading, when liquidity is thin and large trades can significantly move the market.
A major driver behind the current volatility is a familiar name: James Wynn, a well-known trader on the Hyperliquid platform. Wynn initially opened a $13.9 million short position, sparking speculation and attempted liquidations by other traders. However, as BTC neared his $108,630 liquidation price, Wynn reversed course and went long with a 60 BTC buy.
This trader activity—though speculative—has added fuel to the ongoing bullish sentiment.
Technical Indicators Confirm Bullish Trend
According to market analysts, the short-term structure remains strongly bullish. On the 15-minute timeframe, BTC is forming higher lows, indicating waning seller pressure and continued strength among buyers.
“Every time price sweeps a high, it reacts down but keeps making higher lows. The pressure from sellers is fading,” one trader noted.
In addition, the MACD indicator on the daily chart is flashing a golden cross, a bullish signal suggesting that upward momentum is accelerating. The MACD crossover is often seen as a prelude to further upside, especially when confirmed by price action and volume trends.
BTC Eyes Record-Breaking Candle Closes
Beyond the short-term gains, Bitcoin is now within striking distance of making history:
- The highest-ever weekly close for Bitcoin stands just above $109,000.
- The highest monthly close is lower, at around $104,630.
- A close above $102,400 will confirm a monthly breakout from the current trading range.
“If Bitcoin can close above this final major weekly resistance, it would be historic,” said a prominent technical analyst. “This would allow BTC to enter a new uptrend and potentially reach new all-time highs.”
With the monthly and weekly candles aligning on Sunday evening, all eyes are on BTC’s closing price. A strong finish would set the tone for July and possibly initiate another bullish breakout phase.
What Comes Next? Monday Could Be the Catalyst
While the weekend surge is promising, analysts caution that Monday’s market open will be critical. Weekends often see lighter volume and increased volatility, but real momentum builds when institutional liquidity returns during weekdays.
“Once the market opens tomorrow, I’m sure the volatility will kick in, and it’ll most likely be to the upside,” one trader predicted.
Conclusion
Bitcoin is on the verge of a historic technical achievement, with the potential to post its highest-ever weekly and monthly closes. If bulls maintain momentum and BTC closes above the key $109K resistance, it could mark the beginning of a new uptrend into uncharted territory.
Traders and investors should closely monitor the Sunday close and Monday open, as these events may shape BTC’s trajectory for weeks to come.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.