For the past three weeks, BitTorrent has traded in a sideways market with a price range of between $0.00000101 and $0.00000119. In today’s trading session, the BitTorrent price is down by one per cent. The prices are also looking likely to continue with the drop.
Looking at the BitTorrent price for the past three weeks gives an indication of a cryptocurrency that has struggled to establish a trend. However, looking at the data from the past few months paints a clearer picture of what has been happening in the markets.
In the month of May, the BitTorrent crypto lost 32 per cent of its value. The strong bearish move also looks to have picked up this month, with BitTorrent losing 5 per cent of its value in the first two days of the month. An aggressive bearish trend has also been observed since the year started. The year-to-date data shows BitTorrent’s price has dropped by 60 per cent, indicating the strong bearish trend that BitTorrent has been trading for the past few months.
The BitTorrent price’s aggressive bearish trend also goes further than in the past few months. The cryptocurrency hit its all-time high on April 5, 2021, when it traded at $0.01426. Since then, the prices have fallen by 91 per cent. This is an indication of the consistent price action of BitTorrent drop that has slowed down in the past three weeks.
Despite the past three weeks trading in a sideways market, BitTorrent prices are likely to continue with the bearish move. My price prediction is based on historical price action that has seen the crypto drop by 91 per cent in the last 13 months, 60 per cent in the last five months and over 30 per cent in the past 30 days.
Therefore, expect the prices to hit the $0.00000101 support level. There is also a high likelihood of the prices trading below the support level. However, there is still a likelihood of the prices bouncing from the support level and continuing with the sideways market. Such a scenario would invalidate my bearish analysis.
This post was last modified on Jun 02, 2022, 11:15 BST 11:15