Key Points:
Bitcoin is seeking to break out of its narrow trading range, while short positions are being liquidated.
An unidentified whale investor has publicly opened a massive leveraged long position on Bitcoin, prompting an immediate market reaction.
Similar market behavior has been observed multiple times in May and June.
On June 20, Bitcoin consumed sell order liquidity as an unidentified trader established a large leveraged long position on Bitcoin.
Data from Cointelegraph Markets Pro and TradingView shows that BTC/USD broke through recent resistance, reaching $106,500, up 1.7% for the day.
This move triggered short liquidations—analysts had anticipated this situation as BTC/USD fluctuated within the previous day's range.
Monitoring platform CoinGlass shows that liquidity at higher positions in the exchange order book is being replenished.
Currently, market focus is shifting to the sustainability of this rise. As traders begin to notice, an unidentified entity suddenly went long on Bitcoin with $255 million in funds and 20x leverage.
SOMEONE JUST WENT ALL-IN ON $BTC 👀$255,000,000 LONG 20x leverage at $104K HE KNOWS SOMETHING! pic.twitter.com/BL88Mh1Cc0
🐋 BREAKING: A Whale has just opened a $241 million $BTC long position with 20x leverage. pic.twitter.com/6WcikRQySD
Although the motives remain unclear, similar whale trades have significantly impacted market trends in recent weeks.
One trader, James Wynn from Hyperliquid, has made headlines for establishing multiple large leveraged positions, many of which ended in significant losses.
Meanwhile, breaking out of the current narrow trading range has become a key factor for traders deciding to increase or decrease risk exposure.
Well-known trader Daan Crypto Trades noted in a post on the X platform that "both sides have established large positions within this range, and the location of liquidity is very clear. I will not open a position here, but I will closely monitor the breakout of the range's highs or lows and watch the market reaction from that point. The $100,000 and $110,000 levels on higher time frames remain crucial for June's trend."
Another trader, Crypto Tony, reiterated that $104,500 needs to hold as support before the weekly close to ensure a short-term bullish pattern.
This article does not contain any investment advice or recommendations. Any investment and trading activities involve risks, and readers should conduct their own research before making decisions.
Original article: “Bitcoin Grabs $106K Liquidity as Whale Longs BTC with $255M”
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