The BitTorrent price is in a tight range as the crypto market remains in a consolidation mode. The BTT is trading at $0.0070, which is slightly below this week’s high of $0.00783. It is now valued at more than $4.6 billion, making it the 34th biggest cryptocurrency in the world.
What is BTT?: BitTorrent is an old technology company that is popular among people who use torrenting websites. The software makes it possible for people to access files that are stored in a large peer-to-peer network. BitTorrent was acquired by Justin Sun, the founder of Tron in 2018. Today, the BitTorrent coin is the biggest platform built on the Tron blockchain product.
BTT, on the other hand, is the native currency used in the network to reward users for their bandwidth. Of all the BTTs in existence, 19% have been allocated to the BitTorrent foundation to help it in development. 20% of them are allocated to Tron.
In my last article on BitTorrent, I wrote that the currency was bound to have a bullish breakout. This prediction was right as the currency rose to $0.0078. But it then erased some of those gains.
Looking at the four-hour chart, we see that the BTT price has formed a descending channel that is shown in black. At the current level, the price has moved below the upper side of this channel. It is also stuck along the 25-day and 50-day exponential moving averages (EMA).
In my view, there are two scenarios at this stage. First, the BTT price may drop by about 30% and retest last week’s low at $0.0053. Alternatively, it might have a bullish breakout that will see it rise to $0.01. As such, traders should exercise caution.
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