The Luna Foundation recently released a statement citing the balances on their reserves as the platform’s Bitcoin reserves made a huge noise of let. The thread documented how the platform disbursed millions of dollars worth of crypto and eventually failed to stabilize the destabilized assets.
The foundation clearly states the number of BTC and other crypto reserves the platform holds. According to recent statistics, LFG only holds 313 Bitcoins with 39,914 BNB, 1,973,554 AVAX, 1,847,079,725 UST and 222,713,007 LUNA of which almost 90% of LUNA was staked with validators.
Therefore, now the question here arises, whether the crypto space has overcome the bearish scenario completely?
A great ease among crypto traders has been witnessed as a huge amount of BTC long bets have been placed on Bitfinex. According to some reports, nearly 84,500 BTC in long positions were placed. Therefore, this clearly indicates that traders are now extremely bullish on the price of BTC and expect a huge jump for the asset in the coming days.
On the contrary, what if the BTC price slashes a bit beyond the present support levels, which may be a huge stop loss for long bets? Therefore, in such a case, Bitcoin current is in a very decisive position as a slight plunge from here may again lead to a huge long liquidation. This in turn may slash the price below $27,000 igniting the toughest bearish phase in history.
Therefore, a large dumping can be strongly expected if, for example, BTC prices break down or move strongly towards the lower support. However, technicians point out that a major dump could be on the way as the sales volume could soon take hold.