Bitcoin is ready to go up after its plunge post the crash of Terra Luna
Terra Luna had touched a record high of 119.5 USD before its shocking crash. It dropped by more than 99 percent and touched an all-time low of $0 per dollar on May 13 this year.
Many crypto investors became bankrupt after the crash and the incident affected the entire digital currency market. More than 400 billion USD in terms of value disappeared with respect to the capitalization of the crypto market.
Bitcoin (BTC) volume goes up
TradingView and Cointelegraph Markets Pro data showed Bitcoin/USD plunging to 28,000 USD on Bitstamp. It was the lowest value since the crash of Terra Luna and May 12.
However, there was a bounce followed by a recovery of BTC above 29,000 USD this month. People are witnessing a lot of BTC liquidity changing hands. Il Capo of Crypto, a prominent trading account, had a conservative view of the prevailing crypto market scenario.
It forecasted that the current bounce could be perhaps the “last bull trap” prior to reverting to 25,000 USD with respect to order book performance. May 26 has a special significance, as it differs from the remaining trading days of the week. BTC enthusiasts were glad to see the much-needed volume return to Bitcoin/USD markets. Experts were concerned about the absence of BTC volume.
The recovery of BTC has given renewed hope to cryptocurrency enthusiasts. Market commentators were eager to see indications of an overall haul in the BTC trend.