Bitcoin stays under $30K as LUNA gains 600% during ‘insane volatility’

Bitcoin (BTC), which failed to reclaim $30,000 in May 14, was not a success as traders hoped for a stable weekend.

BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView

Bitfinex longs gain strength

Data from TradingView and Cointelegraph Markets Pro followed BTC/USD’s decline below $30,000, which is now rapidly becoming resistance.

Before retracing, the pair had reached just under $31,000. However, fresh warnings about a new macro low were issued at the end of traditional market trading week.

#Bitcoin – It looks like we may get the inverse H & S just before heading into the weekend. I hope to see the 4h candle hold, and it push up. I will then move the stops in profit and let the market ride through the weekend. 2% risk, stop loss pic.twitter.com/lxRuk3M43G
IncomeSharks (@IncomeSharks), May 14, 2022

Some people didn’t stay on the sidelines when the dust settled. Long leverage on major exchange Bitfinex continued to grow, reaching all-time highs.

Johal Miles, commentator, said that “another day has passed” and that Bitfinexors were still loading up like someone had a gun to their heads. He also included a chart showing this trend.

Terra plans spark frenetic LUNA moves

Nevertheless, the Blockchain protocol Terra’s LUNA token was the focus of more attention on the day.

Related: BitKwonnect? Terra increases token supply by 3,500% in a moment called “Luna Brothers”

LUNA lost almost all its value within a week. However, a rebound was seen that was small compared to the all-time highs of $100. This is hugely profitable for traders who trade short-term.

Despite the fact that its supply grew to 6.9 trillion tokens LUNA appreciated 100 times since its floor price, on news Terra had plans for “reviving” its ecosystem.

Many were disbelieving when they saw the price action.

Only a few more 100x’s are needed to return to $1
— Luke Martin (@VentureCoinist) May 14, 2022

Michael van de Poppe, a Cointelegraph contributor, commented that the volatility on $LUNA was “absolutely insane” and added that it was a great weekend to scalp trade a bit.

LUNA/USD 5-minute candle chart (Bitfinex). Source: TradingView

Despite trading being halted on Binance’s major exchange, LUNA/USD remained a risky addition to your portfolio. Prices can vary wildly between trading venues and minute-to-minute.

Conversely, those who bought in on most occasions during the week faced almost total losses.

Luna is not a good buy and hold investment right now. It’s risky and a risky play. It’s not clear what will happen. If you’re trying to trade it, be careful!
Altcoin Gordon (@AltcoinGordon), May 14, 2022

At the time this article was written, LUNA/USD traded on Bitfinex at $0.027. It had risen to $0.034 earlier that day, which is 593% higher than the weekly low of $0.0049.

com. You should do your research before making any investment or trading decision.
https://cointelegraph.com/news/bitcoin-stays-under-30k-as-luna-gains-600-during-insane-volatility