The BitTorrent Price continues to struggle in the markets, current trading close to its lowest price level since it was launched. In today’s trading session, BitTorrent is up by 2 per cent. The session also looks aggressively bullish, indicating signs that prices may close even higher.
The BitTorrent price has struggled throughout the year, and at some point, its year-to-date price loss was as high as 75 per cent. However, last month started to see BitTorrent prices recovering, with prices surging by 22 per cent.
Despite August starting strongly, the prices have traded sideways for most of the month, which has resulted in a monthly gain of less than a percentage point. The current gain of BitTorrent has been partly to do with the improving cryptocurrency industry conditions. Being an altcoin which is positively correlated to most major cryptocurrencies, the recovery of the industry has therefore meant BitTorrent’s push to the upside.
The other reason why BitTorrent has continued to grow is due to its huge userbase. Before being bought by Justin Sun in 2018 and moving to blockchain and cryptocurrencies, the BitTorrent platform used to be the largest peer-to-peer seeding platform. Most of these users are still using the platform, and with changes such as awarding seeders with BitTorrent, the userbase has continued to grow.
BitTorrent Price Analysis
Looking at the chart below, today’s price gains is a continuation of the recent sideways market that has persisted for weeks. The chart also shows that, despite multiple attempts to break out of the $0.0000010 resistance level, the prices have ended up returning back below the level.
Therefore, I expect the current sideways market to continue for the next few trading sessions. There is a high likelihood that prices will continue hitting and trying to break out of the resistance level to the upside unsuccessfully. However, should the price trade above the $0.00000105 price level, then my sideways price analysis will be invalidated. It will also mean the long-term bullish move has resumed.