BitTorrent existed long before anything resembling blockchain or cryptocurrency was even conceived. But the emergence of blockchain technology was considered a revolutionary discovery of the 21st century. Combining the scalable and widely used website and network of BitTorrent, the acquisition by TRON has powered BitTorrent into an entirely different dimension.
BTT has a market capitalization of $2.39 billion with a total circulating supply of 659 billion coins. BTT currently ranks within the 100 top cryptocurrencies. It is closer to the top 50 mark. The fall of September 07, 2021, was a turning point inducing the trend reversal.
BitTorrent Price Analysis
Resistance at critical moving average and support from the previous swing adds a more substantial possibility for BTT to become trending. However, price action is carrying mixed sentiment as buyers are losing interest close to the 200 DMA.
BTT is facing stiff resistance from the 200 DMA, which currently comes around $0.0044 levels. After a good 50% gain in the first nine days of October 2021, reaching 200 DMA induced a fresh selling pressure on BitTorrent cryptocurrency. A firm buying action can be witnessed once BTT manages to cross the 200 DMA line. Buying activity can be expected once the BTT price retests the swing support level of $0.00294.
$0.005 will be the first significant resistance for BTT to become trending again. BitTorrent’s price is down by over 70% from its previous all-time high of $0.0134, which it touched in April 2021. RSI has taken a dip, and so has the transaction volumes, and since the last four days, we are witnessing a consistent sell-off on BTT. The swing support indicated by the blue line will be instrumental in dictating the near-term movements.
Based on our BitTorrent price prediction, breaking the swing support of $0.00294 will be a trend reversal level, and in case of such a sell-off, buyers should wait for making entry at lower levels.