Binance Trader Suffers $3.46M Loss Shorting 250 BTC
A Binance trader has suffered a significant loss after attempting to short sell Bitcoin. The trader, known as 韭韭金, closed a position of 250 BTC at $77,758.91, resulting in a loss of $3.46 million. This is according to the latest rankings on Binance.
The trader cited two errors that contributed to the loss: buying spot at $58,000 and selling at $64,000, missing the rally, and adding to the short without a proper stop.
BTC currently trades at $76,899.47 within its Bollinger Bands, with an upper resistance level of $81,800.19. The Relative Strength Index (RSI) is flashing overbought at 78.55, suggesting a potential retracement to the 50-EMA support at $69,321.
A healthy correction seems probable before further continuation, as the EMA200 sits at $65,631 and the MACD holds its golden cross at 3,281.