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