Bitcoin is on the rise, and it’s getting close to setting a new record. If the price finishes the week and month near $109,000, it would mark the highest weekly and monthly close ever. That kind of move could be the start of a fresh bull run.
Image 1: (Source: Digital Watch Observatory)
Over the weekend, Bitcoin’s price moved more than usual. Weekends are usually quiet in the crypto world, but this time was different. The action picked up after James Wynn, a well-known trader from Hyperliquid, made a huge bet. He placed a $13.9 million short on Bitcoin, expecting the price to fall.
With fewer trades on weekends, markets can be more sensitive. Wynn’s short position caught attention. Other traders noticed and seemed to push the price toward his liquidation point — around $108,630. If the price hit that level, his short would be forced to close, possibly causing a chain reaction.
But before that could happen, Wynn changed his mind. He closed his short early and went long instead. That means he started betting on Bitcoin going up. He added about 60 Bitcoins to his new position. It was a clear shift in strategy and helped fuel more weekend price movement.
For those new to the scene, “short” means betting the farm on prices dropping, while “long” means backing the horse to run faster and climb higher. Wynn’s quick change in stance shows just how fast the wind can shift in crypto markets.
Technical Signals Paint a Bullish Picture
Aside from Wynn’s manoeuvres, market watchers have been spotting green shoots in Bitcoin’s charts. Autumn Riley, a trader with a sharp eye for price action, pointed out that Bitcoin’s short-term charts show buyers holding firm. The pattern of “higher lows” suggests the sellers are gradually losing steam, with bulls steadily tightening their grip.
Another trader, BitBull, highlighted a “golden cross” forming on Bitcoin’s MACD — a technical indicator that signals momentum is swinging in favour of the bulls. It’s a classic sign that prices might be gearing up for a move higher.
Despite the weekend’s lower trading volumes, BitBull reckons that when the market swings back into full gear come Monday, we can expect volatility to crank up, and it’s looking like the tide will be in the bulls’ favour.
Image 2: (Source: De Morgen)
Why Closing Prices Matter in This Game
In the trading world, where a price finishes during a specific period — called the “close” — tells you a lot more than just the day’s high or low. Weekly and monthly closes act like checkpoints, showing the market’s strength or weakness over bigger slices of time.
At present, Bitcoin’s highest weekly close ever sits just above $109,000 on the Bitstamp exchange, with the highest monthly close hanging around $104,630. Nailing a close above those marks would be no mean feat — it would break new ground and likely pave the way for further gains.
Market analyst Rekt Capital has flagged that Bitcoin has never before locked in such a high weekly close. Crossing that line could break down major resistance, opening the gates for a fresh rally and possibly new all-time highs.
The new Weekly Close means that Bitcoin is positioned for a post-breakout retest yet again
Granted, this retest was already successful for almost 6 full weeks before a brief downside deviation
But now Bitcoin is going to try its retest again, this time with the benefit… https://t.co/d2BYlJfp4W pic.twitter.com/0Cf7LVdNik
— Rekt Capital (@rektcapital) June 30, 2025
Earlier this week, Rekt Capital also mentioned that surpassing $102,400 would confirm a breakout from Bitcoin’s recent sideways trading, signalling a fresh leg up is on the cards.
What Lies Ahead for Bitcoin?
With Bitcoin knocking on the door of these historic levels, all eyes are peeled to see if it can close the week and month above $109,000. Doing so would be a massive feather in Bitcoin’s cap, likely attracting more buyers and momentum.
Wynn’s weekend flip from short to long shows how quickly the market sentiment can shift, especially when big players change tack. His actions added fuel to the fire, keeping price action lively even when the market is usually on a slow burn.
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The technical signs line up nicely, too. Bullish patterns and momentum indicators are pointing to strength, suggesting the bulls are running the show for now. A strong close on the weekly and monthly candles would be like breaking the ice — clearing the way for a fresh surge.
All said and done, Bitcoin’s current price moves are flashing positive signals. If the bulls can hold their ground and Bitcoin closes out this week and month above those key levels, we might be staring down the barrel of a new rally to historic highs. But as anyone who’s been around crypto knows, the only constant is change, so it pays to keep a weather eye on the horizon.
