Bitcoin rose sharply on Friday, cutting through resistance levels and sparking liquidations across derivatives markets as a mysterious trader opened a significant long position.
BTC/USD climbed by 1.7% to reach $106,500 during the session, according to Cointelegraph Markets Pro and TradingView.
The move occurred as ask liquidity was taken out, pushing the price through overhead pressure and triggering the liquidation of short positions, which had been building in recent days.
Data from CoinGlass showed that as price surged, new liquidity began populating order books at higher levels.
$255 Million Long Trade Draws Focus
Attention quickly turned to the entity responsible for a massive leveraged bet.
An unknown trader reportedly opened a long Bitcoin position valued at $255 million using 20X leverage.
Though the motive behind the trade remains unknown, similar high-risk positions have impacted Bitcoin’s trajectory in previous weeks.
Such trades recall the activity of Hyperliquid’s James Wynn, who has made headlines by placing large leveraged bets on BTC.
Many of Wynn’s positions have closed at notable losses, but they continue to highlight how individual high-value actors can influence market movements.
Traders Watch for Confirmed Breakout
Market participants are now focusing on whether Bitcoin can escape its recent range and confirm a new trend.
The cryptocurrency has been consolidating for several weeks, and the lack of a decisive move has left traders uncertain about increasing their exposure.
“There are a lot of positions that have been built up on both sides in this range and it’s clear where the liquidity lies,” trader Daan Crypto Trades noted on X.
“Currently in no place to take a trade on this but I will be looking out for a range high or low sweep and monitor the reaction from that point. Higher timeframe $100K & $110K remain key for June.”
BTC’s long-term outlook will likely hinge on whether bulls can sustain the breakout and push toward the psychological barrier of $110,000.
Short-term support at $104,500 will be key heading into the weekend, according to trader Crypto Tony.
He emphasized that the bullish scenario depends on defending that level through the weekly close.
With a mix of whale activity, increasing leveraged exposure, and shifting liquidity, Bitcoin’s next move may soon reveal whether the market is poised for a breakout or another period of consolidation.