Bitcoin Price Flirts Near Record High—Is a Melt-up on the Horizon?

The price of bitcoin is hanging around the $106,831 range as it reached an intraday high of $107,340 per coin.

Bitcoin’s Six-Figure Streak Hits Day 13—Record in Sight

At 8 p.m. Eastern time, bitcoin (BTC) is coasting along just below the $107,000 range, up 1.5% against the U.S. dollar. Presently, BTC’s market cap is around $2.123 trillion and there’s been $36.27 billion worth of trades over the last day. Prices have been notably bullish since Sunday’s sizable weekly close. Current prices show the leading crypto asset is only 2.36% away from it’s $109,356 all-time price high.

BTC/USD 4-hour chart via Bitstamp on Tuesday evening at 8 p.m. The day’s ups and downs has liquidated around $247.10 million worth of long and short positions with more than $47 million wipeouts being BTC short positions. Coinglass stats show the largest single liquidation order happened on Gate.io as the trader lost $1.62 million. Moreover, the Hyperliquid trader known as James Wynn has added more to his BTC long position with 40x leverage.

Wynn has a hefty 54,736,564 USDC deposited on the decentralized perpetuals exchange Hyperliquid. The leveraged trade, at the time of writing, has a notional value of around $828 million. At the evening close on Tuesday, BTC has been above the six-figure mark for 13 consecutive days. Another four days and it will break the record for the most days closing above $100,000.