Bitcoin could hit $ 32,000, the trader says, as LUNA crashes below a penny

Bitcoin could hit $ 32,000, the trader says, as LUNA crashes below a penny

Bitcoin (BTC) bulls demanded a $ 30,000 rematch later on May 12 as the market returned to its lowest levels since the end of 2020.

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

DXY Wins As BTC Recovers

Data from Cointelegraph Markets Pro and TradingView showed that the BTC / USD pair was trading above $ 29,500, holding higher after the Wall Street opening.

The pair was volatile but showed little signs of capitalization, instead the number of long positions on the big Bitfinex exchange showed what analysts believe believe the lower levels are not returning.

Long standing Bitfinex even managed to establish new historical record in terms of leverage during the day.

Meanwhile, BTCUSD ships are skyrocketing on @bitfinex – Paolo Ardoino (@paoloardoino) May 12, 2022

This graph has two possibilities: 1. There is only noise. 2. Bitfinex’s long positions are absorbing all capitalization and preparing for a massive upside. Make your choice. BTC – Miles J Creative (@JohalMiles) May 12, 2022

“Indexes should bounce back, and through them we could find some relief in #Crypto markets here,” predicted Cointelegraph contributor Michaël van de Poppe in one of his final tweets.

“If we break $ 29,600 we will probably see a brief push towards the $ 32,000 region for #Bitcoin.”

Van de Poppe also pointed to the strength of the US dollar as a factor to watch out for, when it comes to bitcoin’s next move.

The US Dollar Index (DXY), a contradictory correlation with bitcoin, was not in any fog to correct as it began to peak 20 years after a brief fall on May 11th.

1 hour candle chart of US dollar (DXY) index. Source: TradingView

LUNA crashes within an inch of zero

However, the changes to the Terra Blockchain protocol were far more significant than the evolution of the BTC price.

See also: Terra to burn $ 1.4 billion UST and invest $ 240 million in LUNA to ‘stop bleeding’

The company’s internal signal, LUNA, after losing 97% of its value, fell below the euro cent mark that day, indicating a time of rapid dissolution.

As the fuss over the fate of its signal sister, TerraUSD (UST) continued, LUNA markets seemed to lose confidence, and executives eventually closed the entire Terra blockchain.

The Terra blockchain was officially closed at a block height of 7603700.https: // Terra validators have decided to close the Terra chain to prevent governance attacks following heavy $ LUNA inflation and significantly reduced attack cost . – Terra (UST) Powered by LUNA (@terra_money) May 12, 2022

The LUNA / USD pair rallied, hitting $ 0.014 per token at writing time.

1 minute candle chart of LUNA / USD (Binance). Source: TradingView

Meanwhile Tether (USDT), the largest stable, whose pin to the dollar was shaking in the fray, has moved closer to recapture, trading at $ 0.997.

The views and opinions expressed herein are those of the author only and do not necessarily reflect the views of All investments and transactions involve risk, you should do your own research before making a decision.

There are 3 reasons for bears trying to pin bitcoin under $ 30,000 for this week's BTC options to expire

There are 3 reasons for bears trying to pin bitcoin under $ 30,000 for this week’s BTC options to expire


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