BTC update and Luna disruption : LIGHTS OUT situation
One can predict the massive BTC shorts coming in future by having a look at swissblock updates section.On chain data also shows that huge number of btc is coming in (inflow) exchanges and there is expected to be a heavy shorts postioned once bitcoin drops below 30000 region. Meanwhile US market is also not showing any sign of reversal and is heading downwards.
Bitcoin bearish bearish behavior keeps downward momentum and didnt hold 32000 support levels. The major support of 30000usd is tested and the need of hour for btc is to hold itself above this zone for avoiding another flow of heavy sell off. Daily candle closure below 28000 will be extremely bearish and there will be huge panic in market.
El Salvador bought this dip and purchased its one of the biggest stock of bitcoin of around 500 btc. Shorters are increasing to new All Time Highs, thinking we’re about towards new multi-year lows, and this exactly why we see a short/mid term short squeeze move happening in the next days.
Terra hits its lows badly in this bitcoin crash and faced a major bloodbath .The asset recorded the major fall in this time .Due to loss of its dollar peg. LUNA tested the $22.80-$25 support level and this is the last support for this rally. A break below this support will send LUNA to sub $10 levels. The resistance as per charts is 37-40 usd.
This is going to be a hard time for the Terra parent organization, Luna foundation guard, and they started the liquidation process of their bitcoin reserves to cover up the UST buying to bring back the levels of UST stable coin to normal and stable.