As Bitcoin nears ATH levels, investors are placing their bets on whether the currency will be able to break above this historic margin.
Anticipating profits, many investors are taking up leveraged positions in hopes of a massive market movement in the next few hours. However, none may be more optimistic than James Wynn—who’s riding a massive $820 million long position under 40x leverage.
According to Arkham Intelligence on Twitter, Wynn’s bet is already paying off. This leveraged long position has already earned him an unrealized profit of $14 million, as Bitcoin trades at $106,728, just 2% below its ATH.
Bitcoin is experiencing high volatility over the day as the asset nears its historic price level. Currently, $BTC is up by 1% on the day, trading at $106,570. Trading volume is at $56 billion moved over the last 24 hours.
While a possible ATH breakout could trigger even more forward momentum—some investors may have jumped too soon on the opportunity. CoinGlass data reveals significant liquidations earlier today.
Over $20 million in long positions were liquidated throughout the day as traders faced turbulence near Bitcoin’s all-time high resistance. However, overall sentiment remains bullish, with short positions taking an even bigger hit, as $40 million in short liquidations were recorded. This suggests that while volatility is shaking out some leveraged traders, the market still favors upward momentum, with Bitcoin pressing closer to a potential breakout.
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