Bitcoin Nears $110K: Key Levels to Watch as Whale Trader Bets $1B Short and $200K Target Looms

Bitcoin BTC/USD is trading near $109,668 , maintaining its upward trajectory with a 2.36% gain over the past 24 hours, and nearly 5.1% over the past week, per CoinMarketCap. BTC is pushing towards the $110,000 mark amid James Wynn's long-short position, easing geopolitical tensions, and renewed optimism sparked by Robert Kiyosaki.

Wynn, the high-profile trader known by the handle "moonpig" on the decentralized exchange, Hyperliquid, has drawn attention after closing a $1.2 billion long position on Bitcoin with a $1.75 million loss. Following the positionWynn reversed direction and placed $1 billion short at an average price of $107,077, using 40x leverage, effectively risking their entire $50 million wallet on the downside.

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The short trade is one of the largest on-chain trades ever recorded and quickly turned profitable, netting about 3 million in unrealized profit as Bitcoin briefly dipped below the entry level on Monday. The trader carries significant risk if Bitcoin climbs above $110,446, since his position is set to be liquidated unless more collateral is added.

According to the Economic Times, Bitcoin's rally can be attributed to the U.S. government's decision to waive its proposed 50% trade tariffs on European imports. It provides short-term relief to global markets and lifts risk assets.

Elsewhere, Pakistan's federal government has committed 2000 megawatts of power to support the development of Bitcoin mining and artificial intelligence data centers, marking a strategic move to attract global investment. The initiative is a part of a broader strategy to transform surplus energy into economic opportunity by setting up regulated mining zones that offer infrastructure to both domestic and international players.

The move signals a departure from the country's earlier stance on crypto, where it once maintained a blanket ban.

The initiative outlines the integration of renewable energy sources, the creation of a regulatory framework, and legal reforms designed to transform Pakistan into a regional hub for crypto and AI development.

The project is driven by the newly established Pakistan Crypto Council, with strategic input from former Binance BNB/USD CEO, Changpeng Zhao, who is reportedly advising the digital roadmap. The government is providing incentives such as tax breaks to attract investment, with several international firms already visiting the country to evaluate potential investments.

Robert Kiyosaki, author of the bestselling personal finance book, Rich Dad Poor Dad, has endorsed Bitcoin, describing it as the easiest way to get rich in the current economic climate.

In a post shared on X, Kiyosaki encourages everyone to own at least a small fraction of Bitcoin. He states, "Even 0.01 of a Bitcoin is going to be priceless in two years." Kiyosaki highlighted that with only about 2 million Bitcoins left to be mined, the cryptocurrency is nearing the Banana Zone, with growth fueled by scarcity and increasing demand.

According to TradingView, Bitcoin's price rebounded above the $109,000 mark over the weekend, climbing as high as $110,100 on Monday May 26, with the close above $109,000 on May 25 marking Bitcoin's seventh consecutive bullish weekly close.

Cointelegraph projects that a breakthrough above the resistance zones between $109,588 and $111,980 could propel Bitcoin towards fresh all-time highs near $130,000. On the downside, the weekly support at $109,000 is vital for maintaining this outlook.

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