TL:DR Breakdown
- BTT price exchange rate to the US Dollar fell by about 40 percent not long after sitting at a record price of $0.0134.
- BTT could fall to its February and March support level of $0.001.
Following the massive increase in BTT price, traders bought the crypto asset trusting that the token backed by Justin Sun would continue its impressive run. But as of today, they’ve experienced massive losses, which corresponds to about 40 percent.
BTT price exchange rate with the US Dollar fell by about 40 percent not long after sitting at a record price of $0.0134, allowing questions concerning the cause of BitTorrent’s sudden bullish run. It’s worthy of note that alarms were earlier raised about the absence of necessary solid factors which should support BTT price upwards movement.
Altcoin season, otherwise called alt season, was, however, present in BitTorrent price surge, which to an extent gave reason for the rise in BTT value. It is an indication of the growth of Bitcoin’s rival digital assets. BitTorrent recorded colossal growth compared to significant crypto assets like ETH, BNB, XRP, LTC, etc.
The implication of the fall on BTT price on a large scale
The fall of BTT price didn’t have much effect on its long-term impressive upward run. Its exchange rate with the US Dollar was still up about 3000 percent with respect to a year-to-date basis. This, however, made the BTT/USD pair appear overvalued, which is also an an indication that the pair will get session support in no distant time.
BitTorrent, in an attempt to reduce the hype of BTT’s surge, announced a brief development update. One of these updates highlighted the BTT file system’s ability to up network decentralization through guard tests on both ends of the client and server line.
These updates, however, preceded the fall of the BTT price.
It appears that the BTT would be able to gain support in its 20-4H or 50-4H moving average. If for some reason, the BTT price manages to stay above the level mentioned earlier, it would have a higher chance of regaining its former momentum. If not, the crypto’s pricce could fall to its February and March support level of $0.001.
