Bitcoin (BTC) failed to recover $30,000 on May 14 as traders looked forward to a relatively stable weekend.
Bitfinex Aspirations Gain Strength
Data from TNZT Markets Pro and TradingView tracked BTC/USD as it lingered below the $30,000 mark, quickly turning into resistance.
The pair had hit just under $31,000 before rallying back as the market’s traditional trading week ended with renewed warnings of a new macro low to come.
#Bitcoins – Looks like we might have the H&S reverse before going into the weekend. Hoping to see this candle last 4 hours and see it grow. Then I’ll move the stops in profit and let it roll over the weekend. 2% risk, 2% stop loss. pic.twitter.com/lxRuk3M43G
— IncomeSharks (@IncomeSharks) May 14, 2022
Not everyone sat on the sidelines as the dust settled. On the major exchange Bitfinex, long leverage has continued to grow, having already reached all-time highs.
“Another day has passed and Bitfinexors continue to load like someone has a gun to their head,” comments Johal Miles reacted next to a graph showing the trend.
Terra Plans Trigger Frantic LUNA Moves
However, more attention was focused on the LUNA token of the Blockchain Terra protocol that day.
Related: BitKwonnect? ‘Luna Brothers’ moment sees Terra inflate token supply by 3,500% overnight
After losing virtually all of its value in a week, LUNA has seen a tiny rebound from all-time highs above $100, but hugely lucrative for short-term traders.
Although its supply soared to 6.9 trillion tokens, LUNA then appreciated 100 times from its floor price on the news that creator Terra intended to “revive” its ecosystem.
Faced with the price action, many were in disbelief.
(only need a few extra 100x to get back to $1)
—Luke Martin (@VentureCoinist) May 14, 2022
“The volatility on $LUNA is absolutely insane,” TNZT contributor Michaël van de Poppe commentedadding that it was a “great weekend to scalp the trade a bit”.
With trading already halted on major exchange Binance, LUNA/USD nonetheless remained a highly risky portfolio addition, with prices fluctuating wildly from minute to minute and between trading platforms.
Conversely, those who bought in the majority of cases during the week suffered almost total losses on their positions.
I really don’t think Luna is a buy and hold right now, it’s a risky game of in and out. I have no idea what’s going to happen with that.
Be careful if you try to trade it!
– Altcoin Gordon (@AltcoinGordon) May 14, 2022
At the time of writing, LUNA/USD was trading at $0.027 on Bitfinex, having hit $0.034 earlier in the day, 593% above the week’s all-time low of $0.0049 .
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of TNZT.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.