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Bitcoin price volatility makes a record weekly, monthly close possible

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Bitcoin Cash BCH Surges 15 As Coinbase Plans Futures Listing
Bitcoin Cash BCH Surges 15 As Coinbase Plans Futures Listing

Important points

  • Bitcoin’s volatility increases this weekend as Hyperliquid James Wynn, the infamous James Wynn, flips back and forth between BTC shorts and BTC longs.

  • Bulls stay for short periods of time “in control” BTC Price Action

  • Bitcoin could reach its highest level ever if the weekly or monthly candle closes.

BitcoinBTCThe weekly close on the 29th of June was marked by a total of $108,500. “whale games” Combining bullish market structures.

BTC/USD 1-hour chart. Source: Cointelegraph/TradingView

Bitcoin’s two-week peak as James Wynn is back

The Data of Cointelegraph Markets Pro You can also find out more about the following: TradingView BTC/USD rose 1% for the day and is now nearing two-weeks highs.

“Out-of-hours” Lower liquidity means more volatility on a smaller volume.

News now-infamous James Wynn of Hyperliquid Trading opened a short BTC position worth $13.9 Million. This sparked a seemingly desperate attempt to liquidate the BTC by others on the market.

Wynn’s liquidation was at $108,630 when we wrote this, and Bitcoin is inches away from hitting that price. Wynn prematurely closed his short, flipping to long around 60 BTC.

Chart analysis elsewhere showed encouraging signs of Bitcoin’s continued strength.

“If you look at the 15-minute chart, the structure is bullish,” Autumn Riley, a popular trader wrote in part: ongoing commentary On X. 

“Every time price sweeps a high, it reacts down but keeps making higher lows. The pressure from sellers is fading slowly.”

BTC/USDT 15-minute chart. Source: Autumn Riley/X

Fellow trader BitBull, meanwhile, noted a golden cross playing out on Bitcoin’s Moving Average Convergence/Divergence (MACD) indicator — a sign that near-term price action was outperforming.

“Another signal which shows that bulls are in control,” A part of an X post The topic is reported. 

“Right now, we are in a low liquidity weekend so don’t expect big movements. Once the market opens tomorrow, I’m sure the volatility will kick in and it’ll most likely be to the upside.”

Chart of BTC/USD for 1 day with MACD. Source: BitBull/X

BTC price eyes record candle closes

Rekt Capital, a popular analyst and trader who is well-known for his work in the financial markets, has been focusing on a price level of importance ahead of both weekly and monthly candles closing.

Related: Bitcoin long-term holders stack 800K BTC per month in record hodl run

Bitcoin was about to make history, according to his argument this weekend. It would be the biggest weekly closing ever.

“Can Bitcoin Weekly Close above the final major Weekly resistance?” He queried.

“Bitcoin has never performed such a Weekly Close. Therefore in doing so, that would not only be historic, but it would enable Bitcoin to enjoy a new uptrend into new All Time Highs.”

BTC/USD 1-week chart. Source: Rekt Capital/X

Bitstamp has the highest ever weekly close at just under $109,000. The highest month close is below at around $104,630.

Rekt Capital announced earlier in the week that it had a close above $102,400 It would suffice to confirm that a “monthly range breakout.”

The article is not intended to provide investment advice. Each investment or trading decision involves some risk. Readers should do their own research before making any decisions.