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.

As Bitcoin (BTC) edges closer to all-time high (ATH) levels, investors are placing their bets on whether the cryptocurrency will be able to break above this historic margin.

Many investors are taking up leveraged positions in anticipation of a massive market movement in the next few hours. However, none may be more optimistic than James Wynn, who is holding a massive $820 million long position with 40x leverage.

According to Arkham Intelligence, Wynn’s bet is already paying off. The leveraged long position has earned him an unrealized profit of $14 million as Bitcoin trades at $106,728, just 2% below its ATH.

Wynn’s substantial position and significant gains highlight the potential for both massive rewards and devastating losses in the world of cryptocurrency. It remains to be seen whether Bitcoin will break above its ATH and push even higher, or if this will be the peak of the market.

Bitcoin edges closer to ATH, but faces turbulent resistance

Bitcoin is currently experiencing high volatility as the asset nears its historic price level. In the past 24 hours, BTC has increased by 1%, reaching a price of $106,570. The trading volume for the asset stands at $56 billion.

A possible ATH breakout could trigger even more forward momentum, but some investors may have jumped too soon on the opportunity. Data from CoinGlass shows that over $20 million in long positions were liquidated earlier today.

The turbulence near Bitcoin’s all-time high brought significant losses to leveraged traders, with more than $20 million in long positions liquidated throughout the day. 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, as Bitcoin presses closer to a potential breakout.

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