Bitcoin price target now $29K, trader warns after Terra weathers $285M 'FUD' attack

Bitcoin price target now $29K, trader warns after Terra weathers $285M 'FUD' attack


Bitcoin (BTC) prepared for a rare bear feature to return on May 8 after an overnight sell-off took the market ever closer to January lows.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBTC circles $34,400 lows

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dipping to $34,200 on Bitstamp, recovering to trade around $500 higher at the time of writing.

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The pair had seen brief support around the $36,000 mark, but this gave way as thin weekend liquidity added to the volatility

Bitcoin liquidations themselves were limited, however, as market sentiment had long expected a deeper pullback after a tumultuous week on stock markets.

Data from on-chain monitoring resource Coinglass countered 24-hour liquidations for both Bitcoin and Ether (ETH) running at around $80 million.

Crypto liquidations chart. Source: Coinglass

Updating his short-term price

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