Bitcoin could target $32K, says trader as LUNA crashes below one penny
Bitcoin (BTC) bulls demanded a rematch of $30,000 later on May 12 as the market recovered from its lowest levels since late 2020.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading above $29,500, holding higher after the Wall Street open.
The pair was volatile but showing few signs of fresh capitulation, with a sea of long positions on major exchange Bitfinex exhibiting what analysts believed was conviction over lower levels not returning.
Bitfinex longs even managed to set a new all-time high in leverage on the da.
In the meantime BTCUSD longs are skyrocketing on @bitfinex pic.twitter.com/BC7pTZOPLR
There are two possibilities with this chart:1. It's just noise.2. The Bitfinex longers are absorbing all the capitulation and gearing up for massive upside.Take your pick.$BTC pic.twitter.com/NlujLGkED1
"Indices should be bouncing, through which we could be getting some more relief on the Crypto markets here," Cointelegraph contributor Michaël van de Poppe forecast in one of his latest tweets.
Van de Poppe also highlighted U.S. dollar strength as a factor to keep an eye on regarding Bitcoin's next move.
The U.S. dollar index (DXY), inversely correlated with Bitcoin, was in no mood for correction as it began building on twenty-year highs after a brief dip on May 11.
Far more shocking than any BTC price move, however, were events at Blockchain protocol Terra.
Related: Terra to burn $1.4B UST and stake 240M LUNA to ‘stop the bleeding’
The firm's in-house token, LUNA, having lost 97% of its value, proceeded to sink below a single U.S. cent on the day, marking a decisive moment in its swift disintegration.
As turmoil over the fate of sister token, TerraUSD (UST), continued, LUNA markets appeared to lose all faith,
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