Home » Altcoin Bitcoin could target $32K, says trader as LUNA crashes below one penny Altcoin Reading 2 min Views 2 Bitcoin price action appears to be back with a bang as record-breaking long leverage builds on Bitfinex. 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 and TradingView showed BTC/USD trading above $29,500, holding higher after the Wall Street open. The pair was volatile but showing few signs of fresh capitulation, with a sea of long positions on major exchange Bitfinex exhibiting what analysts believed was conviction over lower levels not returning. Bitfinex longs even managed to set a new all-time high in leverage on the day. In the meantime BTCUSD longs are skyrocketing on @bitfinex pic.twitter.com/BC7pTZOPLR — Paolo Ardoino (@paoloardoino) May 12, 2022 There are two possibilities with this chart:1. It's just noise.2. The Bitfinex longers are absorbing all the capitulation and gearing up for massive upside. Take your pick.$BTC pic.twitter.com/NlujLGkED1 — Miles J Creative (@JohalMiles) May 12, 2022 “Indices should be bouncing, through which we could be getting some more relief on the #Crypto markets here,” Cointelegraph contributor Michaël van de Poppe forecast in one of his latest tweets. The Terra blockchain was officially halted at a block height of 7603700.https://t.co/squ5MZ5VDK Terra validators have decided to halt the Terra chain to prevent governance attacks following severe $LUNA inflation and a significantly reduced cost of attack. — Terra (UST) 🌍 Powered by LUNA 🌕 (@terra_money) May 12, 2022 LUNA/USD did manage to stage a form of recovery, climbing to $0.014 per token at the time of writing. LUNA/USD 1-minute candle chart (Binance). Source: TradingVIew Largest stablecoin Tether (USDT), which had seen its dollar peg shaken amid the mayhem, meanwhile moved closer to regaining it, trading at $0.997. 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.