The trader of decentralized derivatives exchange high lipids has turned an unrealized $10 million profit into a $2.5 million loss.
BTC$104,355.98
It fell 4% from Monday’s highest.
The trader known as Aguiratrado in X went into a long position in Bitcoin at $106,000 and sat at Monday’s high of $108,800 before the biggest cryptocurrency fell to trade around $104,000.
Bitcoin’s volatility has been relatively low for several months, with prices around $110,000 at a level of support and record highs range. It doesn’t disrupt derivative traders who are continuously betting upwards on leverage.
BTC/USD range (TradingView)
It’s not the first time Aguilatrades has recorded a lost trade at these levels. Last week they lost $12.5 million after an increase of $5.8 million in BTC, according to LookonChain.
On paper, the BTC is eligible for trade as it managed to exceed $100,000 despite the escalation of conflict in the Middle East. This is usually a catalyst for the downside of risk assets.
However, they remain an agnostic towards price action within this range, and simply buying support and selling resistance will yield much greater results. Bitcoin has been trading in this range since May 9th, and is about to break support and resistance along the way.