As all cryptocurrency markets try to find their next support level, it is only normal some projects will continue to lose value. The BitTorrent Token price is an interesting example in this regard. After the initial hype calmed down, the price remains under a lot of bearish pressure. In fact, it seems the 21 Satoshi level will not act as solid support this coming weekend.
Will the BitTorrent Token Price Rise Again?
It is safe to say the launch of BitTorrent Token was one which triggered a lot of hype and excitement. This was clearly evident on the Binance exchange as well, where the token quickly hit a high level, but it has struggled ever since. Once the initial interest calms down, most of these altcoins will go off the deep end. For BTT, things simply are never looking up for very long.
Over the past 24 hours, the BitTorrent Token price has lost another 0.3% in USD value, driving the value down to $0.000825. There is also a 0.8% drop in BTT/BTC and a 0.16% decline in BTT/TRX. All of these signs remain rather bearish, combined with a decreasing trading volume of just $24.86m. Turning this ship around will seemingly not happen any time soon.
On social media, Justin Sun is trying to create some momentum for BTT. His plan is to bring 1 billion users into both Tron and BitTorrent token. While nothing is said in this tweet, a lot of people are just shrugging at this announcement of an announcement. A lot of early investors and holders would love to see something happen in this regard, although it may not happen anytime soon.
We will announce a plan to bring 1 billion #BitTorrent ecosystem users into #TRON and #BTT world with more partership support! $TRX #TRX $BTT
— Justin Sun (@justinsuntron) March 1, 2019
When it comes to finding reasons for this price pressure, one doesn’t have to look far. HODLSTRONG predicts BTT will not see 30 Satoshi for months to come unless a major announcement and use case were to materialize out of the blue. There are also massive sell walls keeping the price down, primarily because no one can use the token for anything significant.
I don’t see it even getting around 30 again for months to come, or a significant announcement. There is nothing driving it right now and the sell walls holding it down are MASSIVE up to 38 sats 😒
— HODLSTRONG (@CryptoCrybabies) March 1, 2019
Cryptoverlord, on the other hand, is looking at the one-day charts right now. Keeping the positive attitude has become a lot more difficult where BTT is concerned, which will not come as a surprise to most. It seems the token is stuck in a sideways channel right now, and a decisive break in either direction will make things a lot more clear for everyone involved.
$BTT – 1 day chart 📊🔍. Still a possibility that this flag could play out, Especially if we can get a solid close on the daily which is currently a spinning top. (Indecision candle which usually forms at the top of an uptrend or bottom of a downtrend✅ ) #btt #bittorrent #btt pic.twitter.com/jXL5WRK4ZK
— «฿-cяуρт(𝓞)νєяℓσαd-฿» (@CRYPTOVERLOAD) March 1, 2019
For the time being, one has to acknowledge there is nothing to warrant a BTT price increase. No news, no use cases, and no real interest in trading this token create very daunting market conditions. At the same time, this is the cryptocurrency industry, where pumps occur out of the blue quite regularly. No one knows what the future holds for BTT, but for now, it seems more of the same can be expected.
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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