Bitcoin‘s price fluctuations continued into the second half of the week but have since stabilized. Despite a sudden surge following a Bloomberg report, optimism remains in the markets. However, there’s a concern that could be troublesome for altcoins in the short term.
Bitcoin’s market dominance is increasing with the anticipation of an ETF approval, leading investors to shift from altcoins to Bitcoin. This shift resulted in over half a billion dollars in liquidations, rumored to be connected to Matrixport. The silver lining is that the futures market clean-up may pave the way for a larger uptrend.
Altcoins, digesting the excitement of Bitcoin’s first ETF launch, could see significant rallies within 10 days as demand shifts back. Initially, Bitcoin is expected to retain the majority of market interest for most of the upcoming week.
LUNA Coin’s price stands at $0.71 at the time of writing. With a court officially labeling it a security and Do Kwon in prison, there seems to be no logical reason for LUNA Coin investors to remain optimistic in the medium to long term. If trading volumes diminish, delisting rumors could further impact the price in the coming months.
Daily charts show LUNA Coin’s support at the $0.68 region, with potential drops to the same area on sudden sell-offs. A close below $0.77 suggests a pause in the uptrend, while surpassing and closing above this level is necessary for a potential reversal. Continuation of overselling could lead to prices dropping to $0.62, $0.55, and possibly $0.48.