As traders looked forward to a relatively steady weekend, Bitcoin (BTC) failed to recoup $30,000 on May 14.
BTC/USD remained below $30,000, which has now become resistance, according to data from TradingView.
The pair had gotten close to $31,000 before retracing, and the end of the regular market trading week was accompanied by further warnings that a new macro low was on the way.
As the dust settled, not everyone remained on the sidelines. Long leverage on the key exchange Bitfinex continued to rise, having previously reached all-time highs.
“Another day has passed, and the Bitfinexors are still stocking up as if a gun is pointed at their heads,” Johal Miles, a commentator, said alongside a graph depicting the pattern.
Attention nonetheless focused more on Blockchain protocol Terra’s LUNA token on the day.
On the day, however, the focus was on Terra’s LUNA coin, a Blockchain technology.
After losing nearly all of its value in a week, LUNA experienced a small return compared to its all-time highs around $100, but it was extremely profitable for short-term traders.
LUNA rose 100 times from its floor price after reports that developer Terra had plans to “revive” its ecosystem, despite its supply growing to 6.9 trillion tokens.
LUNA/USD remained an extremely dangerous portfolio addition, with prices fluctuating dramatically from minute to minute and between trading platforms.
Those that bought in frequently over the week, on the other hand, experienced near-total losses on their positions.
LUNA/USD was trading at $0.027 on Bitfinex at the time of writing, up from $0.034 earlier in the day – 593% higher than the week’s all-time lows of $0.0049.
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