As became apparent yesterday morning and early afternoon, the bearish pressure has regained its grip on virtually all cryptocurrency markets. That is not the biggest surprise by any means, although it is also a bit problematic. For the time being, most markets contain their losses, although the BitTorrent Token price is rising up like a phoenix. A surprising turn of events for this plagued market.
BitTorrent Token Price Moves up Swiftly
When all of the top markets start to buckle under the bearish pressure, some smaller-cap altcoins will begin shooting up like a rocket. Today is no exception in this regard, although it seems the BitTorrent Token market is not necessarily that “small” these days. With its current market cap of $142.5m, it sits comfortably within the market cap top 50. Pushing through to a more “elite tier’ will be very difficult, even under the best of circumstances.
Over the past 24 hours, the BitTorrent Token price has risen by 10.3% in USD value. This pushes its value back to $0.000836. In BTT/BTC and BTT/TRx, there is an 11.3% and 12.1% uptrend respectively. It is odd to see this project note such gains in quick succession, primarily because the price has gotten hammered for quite some time now. Combined with its $81m in trading volume, it appears BTT is in a good place, for the time being.
It is evident the current market trend has taken a lot of people by surprise first and foremost. On social media, CryptoRonny expects big things from BTT now that a “major resistance level” at $0.000833 has been broken. There is still a long way to go, as this may be a temporary uptrend first and foremost. It will be an interesting day for BitTorrent Token, although no one should expect any miracles from this market.
Falling wedge breakout! Need close candle here and breakout big resistance 8330 sats! #BTT $BTT pic.twitter.com/xSxoKmO6zD
— CryptoRonny (@CryptoRonny5) March 17, 2019
A similar sentiment is echoed by Mocho17, who sees this as a clear sign BTT has broken out of the range in a bullish manner. Although there is a good reason to be excited about this development, it can also backfire quite easily. Nothing is ever set in stone in the cryptocurrency industry, as these markets will always remain volatile first and foremost. BTT Will not be an exception in this regard.
$btt #btt update 1
broke out the range now let see how it goes pic.twitter.com/gkqq5M7ehj— mocho17™® (@cryptomocho) March 17, 2019
While there is plenty of room for cautious optimism at this point, Linda Lagstad is not necessarily convinced this uptrend will remain in place. Although it is good to see a breakout for BTT, this currency has seen its ups and downs over the past few weeks. As such, there is a good chance this uptrend will be turned into a bearish trend fairly soon, assuming history will repeat itself once again.
#BTT is up to something.. looks good on #PAS on short timeframes now and I guess its time to pull up that chart 😀 pic.twitter.com/cR49jrWvzt
— Linda Lågstad (@Lillemy7) March 17, 2019
All things considered, BitTorrent Token is one of the few markets in the entire market cap top 50 capable of noting gains at this time. While that is promising for many different reasons, it is also not an indication of what will happen in the hours and days to come. This market has shown it can turn bullish or bearish on a dime, and will not necessarily hesitate to do so in the future either. An interesting market, but one that can as easily make people money or make them lose it.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
Image(s): Shutterstock.com
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