The cryptocurrency market is once again bullish after Sunday’s declines. BitTorrent (BTT) upward traction remains undiminished, exploding to new record highs of $0.0135 on April 5. BitTorrent maintains a stronghold on the bullish momentum with eight consecutive daily gains so far. The BTT/USD pair shot up to fresh highs after it broke out of the consolidation range under $0.0033 on Mar. 29. With a present market valuation of $8.35 billion, BitTorrent has secured the 19th spot on the Coinmarketcap table. At a current price of $0.0189, the digital asset has since gained 50.27% in the last 24 hours and 236.71% on a 7-day basis. There’s a strong buying wave at the moment in the Altcoin market. As BTC consolidates below $60k, several Altcoins keep posting impressive gains. The new BTT record highs seem to be as a result of a technical breakout from consolidation range, strong social media momentum, and also the rebound in the Altcoin market.
*BitTorrent maintains a stronghold on the bullish momentum with eight consecutive daily gains
*The digital asset has since gained 50.27% in the last 24 hours and 236.71% on a 7-day basis
*The new BTT record highs seems to be as a result of a technical breakout and the rebound in the Altcoin market
Key Levels
Resistance Levels: $0.0170, $0.0150, $0.0135
Support Levels: $0.0107, $0.0095, $0.0079
BTT/USD Daily Chart: Bullish
BTT/USD Daily Chart
BTT Price rose significantly from lows $0.0095 to highs of $0.0134 before paring some of the intraday gains. The bias remains strongly bullish, though an overbought RSI would suggest a temporary pullback as traders take profit. The immediate support to the downside is at the prior day’s high at $0.0178. If sellers drive BTT below this point, firm support is building up at the intraday’s low of $0.0095.
A more aggressive decline might head for $0.0067 before all attention turns to the consolidative support at $0.0030. Due to the rally occurring in a quick spurt, BitTorrent left several supports and resistances untested. On the other hand, a close above $0.012 could boost buying appetite towards the all-time high of $0.0134. The $0.015 psychological mark could be the next target if the bullish pressure persists.
BTT/USD 4-Hour Chart: Bullish
BTT/USD 4-Hour Chart
BTT gave up some ground after unlocking a new record high of $ 0.01346 near the key resistance line. The positive sign is that the bulls have not given up much ground while giving the immediate resistance at $0.012 another shot. BTT price could remain range-bound for few days before a bullish continuation. Although, BitTorrent has no defined resistances above.
A strong breakout beyond all-time highs of $0.0135 could signal the start of the next leg of the uptrend, which has a target objective at $0.015 and then $0.017. Should the BTT/USD pair turn south, support awaits at $0.095 and $0.078. A deeper retracement may find support from consolidative lows at $0.060. BTT market structure remains positive as long as the price trades above $0.095. The upward-sloping MAs are an encouraging sign that the uptrend has some life in it.
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