What Are Take-Profit Orders in Crypto Trading?

A take-profit order is placed on a cryptocurrency trading platform or exchange to sell a cryptocurrency when it automatically reaches a certain price. This allows traders to lock in a profit at a specific price level rather than having to monitor the market and execute a sell order. For example, a trader buys 1 Bitcoin at $20,000 and sets a take profit order at $22,000. If the price of Bitcoin reaches $22,000, the take profit order will automatically execute and…