Bitcoin experienced notable weekend volatility, driven largely by the actions of well-known trader James Wynn of Hyperliquid, who oscillated between short and long positions on BTC, injecting fresh momentum into the market. As of June 29, 2025, Bitcoin’s price climbed above $108,500, nearing a critical weekly close level just shy of $109,000—a historic milestone that could pave the way for new all-time highs.
The weekend’s price swings were amplified by low liquidity conditions typical of off-hours trading, allowing even moderate volume trades to cause significant price movements. Wynn initially opened a substantial $13.9 million short position on Bitcoin, triggering attempts by other traders to liquidate it. However, Wynn closed his short early and flipped to a long position with about 60 BTC, adding to the market’s dynamic shifts.
Technical analysis supports a bullish outlook. Short-term charts reveal that Bitcoin’s price structure remains under bullish control, with higher lows forming despite intermittent pullbacks. The fading selling pressure and a recently completed golden cross on the MACD indicator further confirm that bulls are currently dominating price action. This technical setup suggests that once regular market hours resume, volatility is likely to increase, potentially pushing prices higher.
Market analyst Rekt Capital highlighted the significance of Bitcoin’s upcoming weekly and monthly candle closes. Bitcoin is on the verge of recording its highest-ever weekly close, surpassing the previous record just above $109,000 on Bitstamp. The monthly close, currently around $104,630, also looks set to confirm a breakout from the monthly range, which would reinforce the bullish trend and set the stage for a sustained rally toward new all-time highs.
In summary, Bitcoin’s weekend volatility, fueled by James Wynn’s high-profile trading maneuvers and supported by strong technical indicators, has brought the key $109,000 weekly close level within striking distance. This juncture could mark a historic turning point, signaling the start of a fresh upward trend for BTC.
