After recording a jump of over 150% in valuation during December, the BTT price has been constantly trading under a bearish influence, indicating a cool-off in the market sentiments.
Further, the BitTorrent price is on the verge of breaking its crucial support level, highlighting a bear power in the industry.
The BitTorrent price traded in a closed range between $0.000001234 and $0.000001347 for a while, following which the market lost momentum and the price experienced a breakdown.
The bulls held the price above the support level of $0.0000001060, resulting in a bounce back. The BitTorrent price jumped approximately 20% in valuation. After facing rejection at $0.000001347, the bulls lost momentum and recorded a correction of over 23%.
Following this, the price traded in a closed range between $0.000001060 and $0.000001234 for over two weeks, indicating a weak buying and selling pressure in the market.
After multiple attempts to hold the price above the support level of $0.000001060, the bulls lost power and recorded a breakdown. Since then, the price has been trading between $0.000000888 and $0.000001060 and is testing its support level of which the outcome is unpredictable.
The Moving Average Convergence Divergence (MACD) displays a rising red histogram, highlighting increased selling pressure in the crypto market. Moreover, the averages show a bearish curve, suggesting the price will continue losing value in the coming time.
If the bulls hold the price above the support level of $0.000000888, the BTT price will regain momentum and test its resistance level of $0.000001060. Maintaining the price at that level will set the stage for BitTorrent price to attempt to test its upper resistance level of $0.000001234 in the coming time.
Conversely, if the market fails to regain power, the BTT price will lose momentum and fall to test its support level of $0.0000007467 soon. Further, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $0.0000006028 during the coming week.