Why Is BitTorrent’s BTT Price Up Today? Crucial Breakout Sets Stage For More Leg Up

The price of BTT has surged by 33% today after a continuous downward movement in close to 2 months. As CoinRaces stated, “BITTORRENT $BTT is breaking out. A cryptocurrency associated with the BitTorrent peer-to-peer file sharing network…. 24h Price Change: Up 34% 24h Volume Change: Up 257%.” This major breakout signals a reversal of the downward trend BTT has been in since December 13.

From Technical Analysis

Further analysis of price charts shows that the breakout occurred as BTT moved out of a descending channel it had been stuck in. The current price of $0.0000010 is approaching the top of that former channel at $0.0000014. This is an extremely positive technical signal that could set the stage for further gains.

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The large surge in trading volume, up 257% in 24 hours per CoinRaces, shows there is substantial interest and momentum behind this BTT price breakout. If volume remains strong, BTT could continue its ascent to retest former resistance levels.

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