Technology

Bitcoin Holds Below $30,000 as LUNA Gains 600% During ‘Tremendous Volatility’

Bitcoin (BTC) failed to recapture $30,000 on May 14 as traders expected a relatively steady weekend.

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

Bitfinex long contracts gather steam

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

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

#Bitcoin – It looks like we could get the head and shoulders pattern reversed heading into the weekend. Waiting to see this 4h candle hold and see it push up. Then I will move the stops in profit and let it run through the weekend. 2% risk, 2% stop loss.

Not everyone was left out when the dust settled. On major exchange Bitfinex, long leverage continued to expand, having already reached all-time highs.

“Another day has passed and Bitfinexors are still racking up money as if someone had a gun to their head,” reacted commentator Johal Miles next to a graph showing the trend.

Terra’s plans cause frantic movements in LUNA

However, the focus was more on the LUNA token of the Terra blockchain protocol on the day.

After losing virtually all of its value in a week, LUNA bounced back miniscule from its all-time highs above $100, but hugely lucrative for short-term traders.

Even though its supply skyrocketed to 6.9 billion tokens, LUNA appreciated 100 times from its minimum price when it became known that the creator Terra had plans to “revive” its ecosystem.

Faced with the evolution of prices, many were incredulous.

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

“The volatility in $LUNA is absolutely insane,” commented Cointelegraph contributor Michaël van de Poppe, adding that it was a “great weekend to do a bit of scalping.”

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

With trading already halted on major exchange Binance, the LUNA/USD pair remained a highly risky portfolio addition, with prices fluctuating wildly by the minute and between trading locations.

Those who bought most of the times throughout the week faced almost 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 game. I have no idea what will happen to her.

Be careful if you try to trade with her.

At the time of writing, the LUNA/USD pair was trading at $0.027 on Bitfinex, having risen as high as $0.034 earlier in the day, 593% above the weekly record low 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. All investments and operations involve risk, so you should do your own research when making a decision.

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