For a stationary spinning wheel: when the antenna is mounted co-axially onto the hub of the wheel (assuming that the internal, typically folded BT antenna has been replaced with a straight wire antenna - an common hack done to improve BT signal strength), you'd be fine.
For a moving wheel, like at a straight moving car, you will additionally have to transport the receiver in parallel to the transmitter. This is mainly because the distance at which BT LE operates severely limits the useful time to transmit data (devices with ranges of up to 200m have been demonstrated, but are unlikely to appear in the wild).
If your moving wheel is circling around the receiver, you'd be fine again (again with the antenna at the hub).
This is all to prevent Doppler shift.
The frequency bands of BT are only 2MHz apart (channel 2: 2408MHz, channel 3: 2410MHz, ...), so once the frequency shift gets too large, you will run into problems. A transmitter on channel 3 in a car with a speed of at 200km/h (125mph) will appear to a non-moving observer to operate on channel 4 (when getting closer, head on) or channel 2 (when getting straight away). And a nice pitch-bend transition while it's zipping past. As mentioned by Jim, BT was not designed for such scenarios.
Off-topic, but related: LTE ("4G") will stop working at 200km/h.
As John Deters pointed out the 200km/h limit is wrong. The fact that cell phones work in airplanes traveling at very high speed does not prove that LTE will work reliably (they can still fall back to 3G or 2G, and high-speed passenger trains and passenger aircraft are nowadays equipped with their own LTE base stations).
However, LTE is usable at speeds well above 200km/h. Test have shown that handovers will work at speeds of up to 500km/h (possibly with noticeable interruptions) and the Doppler effect can be compensated for speeds of up to 600 km/h. Well - these tests were performed at an altitude of 300m which makes this more of an test of LTE in a high-speed train than in a high-speed aircraft.
The current design limits depend on the which of the LTE frequency band is used. 350km/h should work in all frequency bands, while 500km/h are possible for select frequencies.
The performance may suffer greatly if a large number of cell phones use LTE at such high speeds within the same cell (like all the passenger in a train or an airplane, hence the increasing use of LTE base stations/repeaters for trains and airplanes).