Bitcoin price stuck below $29K as Terra LUNA comes back from the dead


Bitcoin (BTC) analysts faced another day of gloom on May 28 as BTC/USD refused to offer volatility.

BTC/USD 1-Day Candle Chart (Bitstamp). Source: TradingView

“Not the decoupling we wanted”

Data from Cointelegraph Markets Pro and TradingView showed that the largest cryptocurrency has remained in a narrow short-term range over the weekend.


Support levels had previously been forecast to avoid a deeper correction in the May 27 Wall Street trading session, but a higher bounce was equally absent as commentators looked for new signals.

“Short resistance and long support until one of them is broken. Keep it simple in ranges as they are to engineer liquidity for trend continuation or reversal,” summarized popular trading account CryptoTony in part of a Recent Tweet,

Others focused on the relative underperformance of bitcoin compared to the stock, which ended the week. The S&P 500 was up 2.47% on May 27, while the Nasdaq Composite Index was up 3.33%.

Unlike bitcoin, equity markets were making the most of the continued decline in the strength of the US dollar.

The US dollar index (DXY) was circling the day at 101.6, below the high of 105 it had last seen in late 2002.

Analyst Matthew Hyland noted that the index’s reversal meant that it was now challenging its overall uptrend from the beginning of the year.

Do Kwon confirms the reincarnation of LUNA

On altcoins, the revival of controversial blockchain protocol Terra was greeted by lame performance.

RELATED: ‘Terra 2.0 Revival Plan’ Exchanged via Airdrop, Listing, Buyback and Burning

Terra co-founder Do Kwon confirmed the launch of the new mainnet for the in-house token LUNA earlier that day.

At the same time, worry was growing On other major altcoin projects, notably Celsius (CEL), which fell from $0.80 to around $0.50 within a week.

CEL/USD 1-hour candle chart (FTX). Source: TradingView

Hex (HEX), a project that has raised doubts throughout its existence, faced a similar fate, falling from just $0.11 a week ago to less than $0.05.

The top ten cryptocurrencies by market cap nonetheless mimicked bitcoin’s low-volatility behavior in the 24 hours as of the time of writing, with only Dogecoin (DOGE) seeing a noticeable move, this time to the upside to reclaim $0.08.

DOGE/USD 1-hour candle chart (Binance). Source: TradingView

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