Bitcoin Holds Below $30,000 as LUNA Gains 600% During “Huge Volatility”

Bitcoin (BTC) failed to reclaim $30,000 on May 14 as traders anticipated a relatively stable weekend.

BTC/USD 1 hour candlestick chart (Bitstamp). Source: TradingView

Bitfinex long contracts are gaining momentum

Data from Cointelegraph Markets Pro and TradingView tracked the BTC/USD pair as it remained below the $30,000 level, which is now fast becoming resistance.

The pair had pushed as low as $31,000 before pulling back, while the end of the traditional market trading week was accompanied by further warnings of a new macro bottom yet to come.

#Bitcoin – It looks like we may reverse the head and shoulders pattern heading into the weekend. I am waiting for this 4 hour candle to hold and move higher. Then I will move the stops into profit and let it run over the weekend. 2% risk, 2% stop loss.

Bitcoin Holds Below $30,000 as LUNA Gains 600% During “Huge Volatility”
Bitcoin Holds Below $30,000 as LUNA Gains 600% During “Huge Volatility”

Not all were left out as the dust settled. On major exchange Bitfinex, long leverage continued to widen after hitting all-time highs.

“Another day has passed and Bitfinexors is still raising money like someone has a gun to their head.” reacted Commentator Johal Miles alongside a chart showing the trend.

Terra’s plans cause frantic movement in LUNA

However, the focus that day was more on the Terra blockchain protocol’s LUNA token.

After losing virtually all of its value in a week, LUNA rallied minimally from its all-time highs above $100 but has been extremely lucrative for short-term traders.

Although its supply exploded to 6.9 billion tokens, LUNA was valued at 100x its reserve price when it was revealed that creator Terra had plans to “revive” its ecosystem.

In view of the price development, many were incredulous.

(just needs a few 100x more to get back to $1)

“$LUNA’s volatility is absolutely insane” commented Cointelegraph contributor Michaël van de Poppe added that it was a “great weekend to do some scalping.”

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

Since trading on the major exchange Binance has already stopped, The LUNA/USD pair remained an extremely risky portfolio addition, with prices fluctuating wildly minute-by-minute and between trading venues.

Those who bought most of the week saw almost complete losses on their positions.

I really don’t think Luna is a buy and hold game right now, it’s a risky in and out game. I have no idea what will happen to her.

Be careful when trying to trade with her.

At the time of writing, the LUNA/USD pair is trading at $0.027 on Bitfinex after rallying as high as $0.034 earlier in the day, 593% off the weekly record low of $0.0049.

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