Cointelegraph By William Suberg
Bitcoin (BTC) failed to reclaim $30,000 into May 14 as traders looked forward to a relatively stable weekend.
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.
#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 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.
(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, adding that it was a “great weekend to scalp trade a little.”
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.
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 trade it!
— Altcoin Gordon (@AltcoinGordon) May 14, 2022
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.
