Bitcoin stays below $30,000 as LUNA gains 600% during ‘insane volatility’

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

BTC/USD 1 Hour Candlestick Chart (Bitstamp). Source: TradingView

Bitfinex longs are gaining strength

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it lingered below $30,000 and is now quickly turning into resistance.

The pair had touched close to $31,000 before retreating as the end of the traditional market trading week was marked by fresh warnings of a fresh macro bottom yet to come.

Not everyone stayed on the sidelines as the dust settled. On major exchange Bitfinex, long leverage continued to widen after hitting all-time highs.

“Another day has passed and the Bitfinexors are still loading like someone has a gun to their head,” commented Johal Miles reacted next to a chart showing the trend.

Terra plans trigger frenetic LUNA relocations

However, attention that day was more focused on blockchain protocol Terra’s LUNA token.

Related: BitKwonect? In the “Luna Brothers” moment, Terra inflates the token supply by 3,500% overnight

After losing virtually all of its value in a week, LUNA staged a rally that was tiny compared to its all-time highs above $100, but extremely lucrative for short-term traders.

Although its supply exploded to 6.9 trillion tokens, LUNA subsequently surged 100x from its reserve price when it was revealed that creator Terra had plans to “revive” its ecosystem.

Given the price action, many were in disbelief.

“The volatility on $LUNA is absolutely insane,” said Cointelegraph contributor Michaël van de Poppe commentedadding that it was a “great weekend to do a little scalp trading”.

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

Still, with trading on major exchange Binance already halted, LUNA/USD remained an extremely risky portfolio addition, with prices fluctuating wildly minute-by-minute and between trading venues.

Conversely, those who bought into most of the week’s trading faced near total losses from their positions.

At the time of writing, LUNA/USD is trading at $0.027 on Bitfinex after rising to $0.034 earlier in the day — 593% above the week’s all-time low of $0.0049.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should do your own research when making a decision.