The BitTorrent price is up by 2 per cent in today’s trading session. However, in the past few trading sessions, the crypto has traded in a sideways market, failing to break the $0.00000084 price level. The prices have also failed to break out of the $0.000000705 support level to the downside for the past 10 days.
Like the rest of the cryptocurrency industry, BitTorrent’s price has been stuck in a downward trend for almost the entire year. This has seen its prices drop by 70 per cent in 2022. The cryptocurrency also hit its all-time high this year, when it traded at $0.000003054 on January 18, 2022. However, since then, the prices started a strong and aggressive bearish move that saw the BitTorrent price drop to its all-time lowest level of $0.000000705 five days ago.
Despite rising by 13 per cent in five days since hitting its all-time price level, BitTorrent’s recovery depends on what happens in the global cryptocurrency industry. Throughout the year, the global cryptocurrency market has been in a strong and aggressive bearish trend.
The trend has seen altcoins, such as BitTorrent, follow suit, as investors become more cautious with their investments. Therefore, if the global cryptocurrency industry continues to drop, there is a high likelihood that the prices of BitTorrent will continue to go down.
In today’s trading session, BitTorrent is up by 2 per cent. The bullish trend, however, may not be long-lived and may be a bounce from the price of BitTorrent hitting its all-time low. Therefore, I expect the current bullish trend to reverse in the next few trading session.
I also expect the price to hit the $0.000000705 support level again. There is a high likelihood that the prices will set a new price low when it hits and breaks out of the support level to the downside. However, my analysis will be invalidated if the prices trade above the $0.00000084 resistance level.
This post was last modified on Jun 23, 2022, 17:38 BST 17:38