Key Insights
- Bitcoin price targets $130K, with $170K–$180K possible on cycle top.
- James Wynn flipped long after nearly getting liquidated at $108,630.
- Highest-ever weekly close near $109K remains in play.
Bitcoin price hit two-week highs after Hyperliquid trader James Wynn flipped long. Traders now target $130K, with cycle projections as high as $180K amid bullish structure and MACD strength.
Bitcoin Price Climbs as Short Squeeze Targets Liquidation Level
Bitcoin (BTC) traded near two-week highs on Sunday, pushing toward a critical resistance zone after volatile weekend price action. Data from TradingView showed BTC/USD gaining 1% to approach $109,000, triggering fresh interest in a potential weekly candle record.
The surge followed renewed pressure on a $13.9 million short position opened by trader James Wynn on the Hyperliquid exchange. Wynn, whose liquidation level stood at $108,630, closed the short prematurely, flipping long with around 60 BTC. The move added fuel to upward momentum as liquidity clustered near that price zone.
“Out-of-hours” weekend trading created low-liquidity conditions, amplifying volatility. The market reaction to Wynn’s trade quickly became a focal point on X (formerly Twitter), with traders interpreting it as an effort to liquidate his position.
Fibonacci Levels and Golden Cross Support $130K Cycle Thesis
Technical analysis on the daily chart backed the upside projections. Bitcoin remained inside an ascending channel, holding above both the 50-day and 200-day moving averages, which stood at $106,045 and $97,506 respectively. These levels acted as dynamic support throughout June.
Fibonacci extension levels pointed to clear upside targets. The 1.618 level sat at $119,150, while the 2.618 extension projected $130,990—mirroring GalaxyTrading’s $130K cycle thesis. The breakout measured move suggested an 18% upside potential from current levels if momentum continues.
Stochastic RSI hovered in the overbought zone near 99, signaling strong bullish pressure but also hinting at short-term exhaustion. Immediate support remained around $105,910, followed by $99,993. A daily close above $111,833—the 1.0 Fibonacci mark—would confirm breakout continuation.
Traders Target $130K and Higher on Cycle Extension Hopes
The broader bullish outlook remained intact, with long-term targets ranging from $130,000 to $180,000. GalaxyTrading posted that Bitcoin’s cycle target “has always been around 130K,” adding that a more extended move could see BTC aim for $170K–$180K at the peak.
This view echoed across the trading community, with several accounts pointing to strength in the current trend structure. The golden cross on the Moving Average Convergence/Divergence (MACD) indicator added to the optimism. BitBull described the MACD cross as a strong signal that “bulls are in control.”
Autumn Riley reinforced the view, highlighting bullish structure on low time frames. “Every time price sweeps a high, it reacts down but keeps making higher lows,” Riley wrote, noting fading seller pressure as a bullish trigger.
Bitcoin Price Weekly Close could Set All-time Record
The upcoming weekly and monthly candle closes have now taken center stage. According to analyst Rekt Capital, Bitcoin was poised to make history if it closed above the final major weekly resistance.
“Bitcoin has never performed such a Weekly Close,” Rekt Capital noted. “Doing so would not only be historic, but it would enable Bitcoin to enjoy a new uptrend into new All Time Highs.”
The current record for Bitcoin’s highest weekly close stands just above $109,000 on Bitstamp. A monthly close above $104,630 would also mark an all-time record, with short-term price action hovering around both levels.
Earlier in the week, Rekt Capital suggested that a monthly close above $102,400 would confirm a range breakout. With price currently above $108,000, that threshold appeared well within reach.
CME gap and Liquidation Levels Add Near-term Tension
Analyst Killa pointed to Bitcoin’s ongoing test of the “local weekly high,” cautioning that failure to reclaim the range could mark a swing failure pattern (SFP). Price acceptance above this level would likely target the CME gap at $107,100, already swept at press time.
“BTC is testing the ‘LOCAL WEEKLY HIGH,’” Killa wrote. “If we push above/sweep & have acceptance back into range, we have a very high likely chance visiting the CME gap.”
He warned that any rejection could send BTC back toward previous weekly opens at $105,000, while sweeping liquidity below would remain a risk if the market structure fails to hold.
Killa also flagged two scenarios post-monthly close. In one, BTC sweeps the monthly all-time high at $112K before retracing in early July. In another, BTC forms a record close and trends higher into a wick extension toward $112K.
The presence of heavy liquidation zones between $110K and $114K on derivatives platforms underpins both paths. Traders continue to track those zones for clues on where short-term volatility may erupt.
Cycle Structure Remains Bullish, but Retracement Risk Lingers
Rekt Capital and Killa both flagged the possibility of retracements following record candle closes, a pattern seen in past cycles. The coming days may test whether Bitcoin can sustain above $104K–$109K or fall into a corrective phase.
James Wynn’s shift from short to long injected momentum, but broader macro signals remain mixed. Weekend volume has distorted recent price action, and Monday’s market open will likely bring higher liquidity and stronger directional cues.
Still, the consensus across traders appears to favor further upside if the current trend structure holds. All eyes now shift to how BTC behaves above $108,000, with bulls aiming for new all-time highs, and bears watching for signs of exhaustion.
Moses K is a crypto journalist covering markets, regulation, and blockchain trends. He has written for The Coin Republic, Coinchapter, Cryptopolitan, Cryptotale, Coinspeaker, and MPost. Known for his concise, data-driven reporting, Moses focuses on price analysis, on-chain metrics, and policy developments shaping the global digital asset landscape.
