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

Market Analysis

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

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

Bitfinex longs gather strength

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

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

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

“Another day has passed and the Bitfinexors are still loading up as if someone has a gun to their head,” 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 traders.

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

Faced with the price action, many were in disbelief.

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

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

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

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

At the time of writing, LUNA/USD traded 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 trading move involves risk, you should conduct your own research when making a decision.

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