After recording a milestone price increase, BitTorrent (BTT) crashed by 40%
The trader who bought the highest price on BitTorrent thought Tokens backed by Justin Sun Will continue to rise, and is now facing huge intraday losses.
The exchange rate of BTT/USD plunged more than 40% after hitting a record high of US$0.0134, questioning the catalyst that made BitTorrent the first explosive rise.Earlier, NewsBTC had Issue an alert about the lack of specific basic factors That should have been supporting the price rebound of BTT. extract:
“Traders may sell some of their BTT holdings to ensure maximum profit. This may push the token to the next downside target lurking near its 20-4H index moving average (green wave) If profit-taking intensifies, BTT will fall to the blue wave target -50-4H simple moving average. This will wipe out almost most of BTT’s profits in 2021.”
Except for one factor, the so-called Altcoin seasonOr altseason, trying to justify the benefits of BTT to a certain extent. Altseasons pointed out that the growth of digital assets is comparable to the top cryptocurrency Bitcoin.Another cryptocurrency, BitTorrent, grows almost simultaneously with other altcoins such as Ethereum, Ethereum, Binance, etc. coin, Litecoin, XRP and other currencies indicate that the bulls are only in an upward frenzy.
Is BitTorrent still bullish?
BitTorrent’s downward correction has not offset its long-term bullish bias. Since the beginning of the year, the BTT/USD exchange rate has still risen by more than 3,000%.Although this makes the currency pair extremely overvalued-according to its one-day relative strength indicator readings, the currency pair continues to be frenzied Altcoins The market indicates that it will find conference support in the short term.
The official BitTorrent Twitter channel attempts to emphasize the bullish bias of BTT by announcing a series of development updates. It pointed out that the BitTorrent file system will increase network dispersion by protecting client and server-side tests.
?#BTFS Development update
?Increase the decentralization of the BTFS network.Protect client and server decentralized testing [50%]
pair repair mode [done]
?Challenge mode [doing] pic.twitter.com/ZRrS2racFj
— BitTorrent Inc. (@BitTorrent) April 4, 2021
However, after BitTorrent’s tweet was released, the BTT/USD exchange rate started to fall.
It now appears that BitTorrent may find support in its 20-4H moving average or its 50-4H moving average. If the token manages to maintain above these levels, the possibility of a rebound will be higher. Otherwise, it may fall to near the February-March support level of $0.001.
Photo by Sven tillack on Unsplash