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The Bitcoin price is stuck below $ 29K when Terra LUNA returns from the dead

Bitcoin (BTC) analysts faced another day of frustration on May 28 when BTC / USD refused to offer volatility up or down.

BTC / USD 1-day light chart (bit stamp). Source: TradingView

“Not the disconnection we wanted”

Data from Cointelegraph Markets Pro and TradingView showed that the largest cryptocurrency remained in a narrow short-term area into the weekend.

Earlier forecasts for support levels to avoid a deeper correction managed to stay in the Wall Street trading session on May 27, but a higher setback was similarly absent as commentators looked for new signals.

“Short resistance and long support for one of them breaks. Keep it simple at intervals, as they are there to construct liquidity for trend continuation or reversal,”[ads1]; the popular trading account Crypto Tony summed up in part of a recently tweet.

Others focused on Bitcoin’s relative underperformance compared to equities, which ended at the end of the week. The S&P 500 rose 2.47% on May 27, while the Nasdaq Composite Index was up 3.33%.

In contrast to Bitcoin, the stock markets took advantage of a continuing downward trend in the strength of the US dollar.

The US dollar index (DXY) fell around 101.6 on the day, down from the peaks of 105, which had peaked at the end of 2002.

Analyst Matthew Hyland noted that the index’s reversal meant that it now challenged its general trend from the beginning of the year.

Do Kwon confirms LUNA rebirth

On altcoins, the revival of the controversial Blockchain protocol Terra was met with lax performance.

Related: Replaces ‘Terra 2.0 revival plan’ via airdrops, listing, repurchase and burning

Terra co-founder Do Kwon confirmed the launch of the new main network for in-house token LUNA on the day.

Simultaneous, concern increased over other major altcoin projects, especially Celsius (CEL), which had managed to fall from $ 0.80 to around $ 0.50 in less than a week.

CEL / USD 1-hour light chart (FTX). Source: TradingView

Hex (HEX), a project that had aroused suspicion throughout its existence, suffered a similar fate, falling from just over $ 0.11 a week ago to the lowest level of below $ 0.05.

However, the top ten cryptocurrencies by market value copied Bitcoin’s low volatility behavior within 24 hours at the time of writing, with only Dogecoin (DOGE) seeing noticeable movements, this time to the upside to recover $ 0.08.

DOGE / USD 1-hour light chart (Binance). Source: TradingView

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