Bitcoin advances to record weekly and monthly closes

As Bitcoin's price surpassed $108,500 over the weekend, recognized Hyperliquid investor James Wynn's position changes brought whale movements back into focus. Wynn's fluctuations between short and long-term BTC positions led to significant volatility in the Bitcoin market over the weekend.

Bulls continue to control BTC in the short-term charts. Weekly and monthly candle closes may approach the highest levels in Bitcoin's history.

Towards the weekly close on June 29, BTC rose above $108,500, showcasing a combination of "whale games" with a bullish market structure. The BTC/USD pair reached its highest levels in the last two weeks with a 1% increase on a daily basis.

The low liquidity conditions in the market over the weekend led to more volatile movements despite low volume. News of Hyperliquid investor James Wynn opening a $13.9 million short position triggered other investors' attempts to close this position.

At the time of writing, Wynn's liquidation level was around $108,630, and Bitcoin was approaching this level. Wynn closed his short position early and transitioned to a long position worth approximately 60 BTC.

Chart analyses are giving positive signs that Bitcoin's market strength continues. Popular investor Autumn Riley stated in her post on X, "The structure looks bullish on the 15-minute chart."

Riley stated, "Although the price reacts with a drop as each new peak is cleared, it is creating higher lows. Selling pressure is gradually decreasing."

Another analyst, BitBull, drew attention to the golden cross forming in Bitcoin's Moving Average Convergence Divergence (MACD) indicator. This indicates that price movements are strong in the short term.

BitBull commented on X, stating, "Another signal showing that bulls control the market." However, it noted that due to low liquidity over the weekend, significant movements should not be expected, and that volatility would increase when the market opens, with a high likelihood that the direction will be upward.

As weekly and monthly candle closes approach, popular analyst Rekt Capital pointed to an important price level. He argued that Bitcoin could reach its highest weekly close so far this weekend.

Rekt Capital, who asked, "Can Bitcoin close above the last major resistance on a weekly basis?" emphasized that this has not happened before. He stated that such a closing would not only be historic but would also pave the way for Bitcoin to enter a new upward trend and test all-time highs.

The current highest weekly closing level is around $109,000 on the Bitstamp exchange. The highest monthly closing is approximately $104,630.

Recently, Rekt Capital stated that a closing above $102,400 would be sufficient to confirm the "monthly range breakout."

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