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

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

Bitcoin (BTC) failed to reclaim $30,000 into May 14 as trers looked forward to a relatively stable weekend.

BTC/USD 1-hour candle chart (Bitstamp). Source: TringView

Bitfinex longs gather strength

Data from Cointelegraph Markets Pro and TringView followed BTC/USD as it lingered below the $30,000 mark, now rapidly becoming resistance.

The pair h reached just shy of $31,000 before retracing, while the end of the tritional market tring week h been accompanied by fresh warnings of a new macro low still to come.

#Bitcoin – Looks like we might get the inverse H & S before going into the weekend. Hoping to see this 4h candle hold and see it push up. Then I’ll move stops in profit and let it ride during the weekend. 2% risk, 2% stop loss. pic.twitter.com/lxRuk3M43G

— IncomeSharks (@IncomeSharks) May 14, 2022

Not everyone stayed on the sidelines as the dust settled. On major exchange Bitfinex, long leverage continued expanding, having alrey hit all-time highs.

“Another day has passed and the Bitfinexors are still loing up as if someone has a gun to their he,” commentator Johal Miles reacted alongside a chart showing the trend.

Terra plans spark frenetic LUNA moves

Attention nonetheless focused more on Blockchain protocol Terra’s LUNA token on the day.

Related: BitKwonnect? ‘Luna Brothers’ moment sees Terra inflate token supply 3,500% overnight

After losing practically all of its value in a week, LUNA saw a rebound which was tiny compared to its all-time highs above $100 but hugely lucrative for short-term trers.

Despite its supply ballooning to 6.9 trillion tokens, LUNA subsequently appreciated 100 times from its floor price on news that creator Terra h plans to “revive” its ecosystem.

Faced with the price action, many were in disbelief.

(only need a few more 100x’s to get back to $1)

— Luke Martin (@VentureCoinist) May 14, 2022

“The volatility on $LUNA is absolutely insane,” Cointelegraph contributor Michaël van de Poppe commented, ding that it was a “great weekend to scalp tre a little.”

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

With tring alrey halted on major exchange Binance, LUNA/USD nonetheless remained a highly risky portfolio dition, with prices varying wildly minute to minute and between tring venues.

Those buying in on the majority of occasions through the week conversely faced near total losses on their positions.

I really don’t think Luna is a buy and hold right now, it’s a risky in and out play. I have no clue what’s going to happen with it.

Be careful if you are trying to tre it!

— Altcoin Gordon (@AltcoinGordon) May 14, 2022

At the time of writing, LUNA/USD tred at $0.027 on Bitfinex, having risen to $0.034 earlier in the day — 593% above the week’s all-time lows of $0.0049.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and tring move involves risk, you should conduct your own research when making a decision.

META
ARTICLE: Bitcoin stays under $30K as LUNA gains 600% during ‘insane volatility’
PUBLISHED: 2022-05-14 10:30:50 
SOURCE: https://cointelegraph.com/news/bitcoin-stays-under-30k-as-luna-gains-600-during-insane-volatility
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