{"id":445944,"date":"2022-05-12T19:53:47","date_gmt":"2022-05-12T16:53:47","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-could-target-32k-says-trader-as-luna-crashes-below-one-penny\/"},"modified":"2022-05-12T19:53:47","modified_gmt":"2022-05-12T16:53:47","slug":"bitcoin-could-target-32k-says-trader-as-luna-crashes-below-one-penny","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-could-target-32k-says-trader-as-luna-crashes-below-one-penny\/","title":{"rendered":"# Bitcoin could target $32K, says trader as LUNA crashes below one penny"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3bbf034a338\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3bbf034a338\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-could-target-32k-says-trader-as-luna-crashes-below-one-penny\/#%E2%80%9D_Bitcoin_could_target_32K_says_trader_as_LUNA_crashes_below_one_penny_%E2%80%9C\" >&#8221; Bitcoin could target $32K, says trader as LUNA crashes below one penny &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-could-target-32k-says-trader-as-luna-crashes-below-one-penny\/#DXY_looms_large_as_BTC_recovers\" >DXY looms large as BTC recovers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-could-target-32k-says-trader-as-luna-crashes-below-one-penny\/#LUNA_craters_to_within_an_inch_of_zero\" >LUNA craters to within an inch of zero<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bitcoin_could_target_32K_says_trader_as_LUNA_crashes_below_one_penny_%E2%80%9C\"><\/span>&#8221; Bitcoin could target $32K, says trader as LUNA crashes below one penny &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>Bitcoin (BTC) bulls demanded a rematch of $30,000 later on May 12 as the market recovered from its lowest levels since late 2020.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/a571ce6f-b8fe-457b-a3a2-62773f66c2ce.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"DXY_looms_large_as_BTC_recovers\"><\/span>DXY looms large as BTC recovers<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/?exchange=BINANCE\">TradingView<\/a>\u00a0showed BTC\/USD trading above $29,500, holding higher after the Wall Street open.<\/p>\n<p>The pair was volatile but showing few signs of fresh capitulation, with a sea of long positions on major exchange Bitfinex exhibiting what analysts believed was conviction over lower levels not returning.<\/p>\n<p>Bitfinex longs even managed to set a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/BitcoinErrorLog\/status\/1524686902456164352\">new all-time high<\/a> in leverage on the da.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">In the meantime BTCUSD longs are skyrocketing on <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/bitfinex?ref_src=twsrc%5Etfw\">@bitfinex<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/BC7pTZOPLR\">pic.twitter.com\/BC7pTZOPLR<\/a><\/p>\n<p>\u2014 Paolo Ardoino (@paoloardoino) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/paoloardoino\/status\/1524778829939613696?ref_src=twsrc%5Etfw\">May 12, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">There are two possibilities with this chart:<br \/>1. It&#8217;s just noise.<br \/>2. The Bitfinex longers are absorbing all the capitulation and gearing up for massive upside.<\/p>\n<p>Take your pick.<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/NlujLGkED1\">pic.twitter.com\/NlujLGkED1<\/a><\/p>\n<p>\u2014 Miles J Creative (@JohalMiles) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/JohalMiles\/status\/1524725003647918080?ref_src=twsrc%5Etfw\">May 12, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&#8220;Indices should be bouncing, through which we could be getting some more relief on the Crypto markets here,&#8221; Cointelegraph contributor Micha\u00ebl van de Poppe <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1524751248167211009\">forecast<\/a> in one of his latest tweets. <\/p>\n<blockquote><p>&#8220;If we break through $29.6K, we&#8217;ll probably see a slight short squeeze towards $32K regions for Bitcoin.&#8221;<\/p><\/blockquote>\n<p>Van de Poppe also highlighted U.S. dollar strength as a factor to keep an eye on regarding Bitcoin&#8217;s next move.<\/p>\n<p>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.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/69087313-9a50-42ca-bfdf-541fa0145408.png\"><figcaption style=\"text-align: center;\"><em>U.S. dollar index (DXY) 1-hour candle chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"LUNA_craters_to_within_an_inch_of_zero\"><\/span>LUNA craters to within an inch of zero<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Far more shocking than any BTC price move, however, were events at Blockchain protocol Terra.<\/p>\n<p><strong><em>Related:\u00a0Terra to burn $1.4B UST and stake 240M LUNA to \u2018stop the bleeding\u2019<\/em><\/strong><\/p>\n<p>The firm&#8217;s in-house token, LUNA, having lost 97% of its value, proceeded to sink below a single U.S. cent on the day, marking a decisive moment in its swift disintegration.<\/p>\n<p>As turmoil over the fate of sister token, TerraUSD (UST), continued, LUNA markets <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>eared to lose all faith, with executives then halting the Terra blockchain altogether.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The Terra blockchain was officially halted at a block height of 7603700.<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/squ5MZ5VDK\">https:\/\/t.co\/squ5MZ5VDK<\/a><\/p>\n<p>Terra validators have decided to halt the Terra chain to prevent governance attacks following severe <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24LUNA&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$LUNA<\/a> inflation and a significantly reduced cost of attack.<\/p>\n<p>\u2014 Terra (UST)  Powered by LUNA  (@terra_money) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/terra_money\/status\/1524785058296778752?ref_src=twsrc%5Etfw\">May 12, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>LUNA\/USD did manage to stage a form of recovery, climbing to $0.014 per token at the time of writing.\u00a0<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/bf90c9d9-c4e7-47ea-8992-ce3de25806e0.png\"><figcaption style=\"text-align: center;\"><em>LUNA\/USD 1-minute candle chart (Binance). Source: TradingVIew<\/em><\/figcaption><\/figure>\n<p>Largest stablecoin Tether (USDT), which had seen its dollar peg shaken amid the mayhem, meanwhile moved closer to regaining it, trading at $0.997.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-could-target-32k-says-trader-as-luna-crashes-below-one-penny\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bitcoin could target $32K, says trader as LUNA crashes below one penny &#8220; Bitcoin (BTC) bulls demanded a rematch of $30,000 later on May 12 as the market recovered from its lowest levels since late 2020. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView DXY looms large as BTC recovers Data from Cointelegraph Markets Pro&#8230;<\/p>\n","protected":false},"author":1,"featured_media":445945,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvZjlkZTI5NDAtM2ZiYy00ZGJkLWE2MTItOGVhNjI0ZTE5YTkzLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74862,74937,122378,73785,68637],"class_list":["post-445944","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-bitcoin","tag-bitcoin-price","tag-terra","tag-markets","tag-predictions"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/445944","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=445944"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/445944\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/445945"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=445944"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=445944"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=445944"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}