An unidentified investor opened a large long Bitcoin (BTC) position worth $255 million using 20x leverage. This move caused short positions to be liquidated while the BTC price broke critical resistance and seeks an upward exit from a narrow price range.
This anonymous whale's massive leveraged position created an immediate strong reaction in the market. Similar large trades had also been frequently seen in May and June.
While Bitcoin (BTC) is trading at 4,105,969 Turkish Lira, this large position opened on Friday cleared selling liquidity and brought movement to the market. According to Cointelegraph Markets Pro and TradingView data, the BTC/USD pair rose to as high as $106,500, surpassing significant resistance points, and gained 1.7% during the day.
This rise triggered previously predicted short position liquidations. The tracking tool CoinGlass shows that liquidity at upper levels in the order books of exchanges has refilled.
Investors are now focused on the sustainability of this rise. An unidentified investor was seen opening a long position of $255 million with 20x leverage. Although the motivation is unclear, it is known that similar whale trades in recent weeks have had serious effects on the market.
Especially the trader James Wynn from Hyperliquid frequently makes headlines with his large leveraged trades. However, many of these trades resulted in significant losses.
The Bitcoin price is currently looking for an opportunity for a decisive range breakout. A breakout from this narrow price range is seen as an important step that will signal whether investors will increase their risk appetite.
Investor Daan Crypto Trades stated in a post on platform X, 'There are many positions accumulated on both sides in this range, and it's clear where the liquidity is.'
"For now, I am not considering opening a trade, but I expect a cleansing move above or below the range and will follow the reactions afterward. Levels between $100,000 and $110,000 are critical for June on higher timeframes."
Another investor, Crypto Tony, emphasized that it is important to maintain the $104,500 level in weekly close for the continuation of the short-term bullish scenario.
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