Bitcoin could hit USD 32,000, according to one trader, as LUNA plummets below a penny on the dollar

Bitcoin (BTC) bulls wanted a rematch of the USD 30,000 on May 12, when the market rallied from its lowest levels since late 2020.

DXY remains bullish as BTC recovers
Data from Cointelegraph Markets Pro and TradingView showed the BTC/USD pair trading above USD 29,500, holding up after the Wall Street open.

The pair was volatile, but with few signs of capitulation, with a sea of long positions in Bitfinex, showing what analysts believed to be a conviction that the lower lows would not return.

Bitfinex longs even managed to set a new all-time high for leverage on the day.
"The indices should bounce, through which we could be getting some more relief in the cryptocurrency markets," Cointelegraph contributor Michaël van de Poppe predicted in one of his latest tweets.

"If we break above USD 29,600, we will probably see a small strangle of short positions towards the USD 32,000 regions for Bitcoin."
Van de Poppe also highlighted the strength of the U.S. dollar as a factor to watch out for, in relation to Bitcoin's next move.

The US dollar index (DXY), inversely correlated with Bitcoin, was in no mood for correction, as it began to build on 20-year highs after a brief dip on May 11.

Luna is nowhere near 0
However, far more shocking than any BTC price movement were the developments in the Terra blockchain protocol.

The company's native token, LUNA, having lost 98% of its value, proceeded to sink below a single penny on the day, marking a turning point in its rapid devaluation.

As the turmoil over the fate of its sister token, TerraUSD (UST), continued, the LUNA markets seemed to lose all faith, and executives eventually halted all trading on the Terra blockchain altogether.

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