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Trader Turned $167K Into More Than $2.2 Million With BTC’s Rally

Published 01/16/2023, 01:51 AM
Updated 01/16/2023, 02:00 AM
© Reuters.  Trader Turned $167K Into More Than $2.2 Million With BTC’s Rally

  • BTC’s price has risen 1.91% over the last 24 hours.
  • Nansen portfolio tweeted how one trader turned $167k into more than $2.2 million.
  • Technical indicators are still flagging bullish as BTC trades near the key resistance level.

The price of the crypto market leader, Bitcoin (BTC), has risen 1.91% over the last 24 hours according to CoinMarketCap. This latest 24-hour gain has boosted BTC’s weekly price performance by +22.75%. At press time, BTC is changing hands at around $21,162.63.

After reaching a daily high at $21,345.25, BTC’s price has retraced slightly to its current price. Its daily low sits at $20,606.99.

Nansen Portfolio (@nansenportfolio) tweeted this morning that one trader was able to capitalize on BTC’s recent rally. According to the tweet, the trader entered into a long position on BTC on GMX and was able to turn $167k into more than $2.2 million.

Daily chart for BTC/USDT (Source: CoinMarketCap)

BTC’s price is trading at a daily resistance level at $21,132.28 after flipping the resistance level at $20,170.04 into support just two days ago. Technical indicators on Bitcoin’s chart suggest that there is enough bullish support to overcome the current resistance level.

Currently, the daily RSI line is positioned well above the RSI SMA line and is sloped positively toward the overbought territory. In addition to this, the 9-day EMA is positioned above the 20-day EMA, which is another bullish technical flag that investors need to be aware of.

If BTC’s price cannot break the resistance level at $21,132.28, then it is at risk of dropping down to the support level at $20,170.04. If this support level fails to hold then BTC will drop to sub $20k.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post Trader Turned $167K Into More Than $2.2 Million With BTC’s Rally appeared first on Coin Edition.

See original on CoinEdition

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