- BTT made massive gains following the structure break on high trading volume.
- Such large gains are generally accompanied by heightened volatility.
As a seasoned analyst with years of experience navigating the crypto markets, I must admit that the recent surge in BitTorrent [BTT] has been nothing short of impressive. The 22.8% rally over the past 40 hours is a testament to the market’s insatiable appetite for gains, even during times of extreme greed as indicated by the Crypto Fear and Greed Index.
Over the last 40 hours, BitTorrent (BTT) has experienced a surge of 22.8%, mirroring Bitcoin‘s (BTC) record-breaking rise towards $90k and the general frenzy in the cryptocurrency market that has caused altcoins to soar rapidly.
Based on the Crypto Fear and Greed Index reading of 86, suggesting “extreme greed,” it might be reasonable to anticipate a potential market correction could occur soon. However, this is not a definitive prediction as the market can exhibit unpredictable behavior. It’s always essential to do thorough research before making investment decisions.
BitTorrent enforces bullish break, rallies 22%
Based on the RSI and CMF indicators, there’s a strong bullish trend with significant capital influxes. Remarkably, the CMF values are similar to those from January 2023, demonstrating an unusually large amount of capital flowing in.
This has spurred BTT beyond the highs from May.
In simpler terms, heavy trading activity and profits stem naturally from a bull market, which is caused by money moving into investments.
In simpler terms, most of the recent market gains have been seen by tokens related to memes and artificial intelligence. On the other hand, traditional tokens such as BTT are still playing catch-up, even during this upward trend.
On shorter time intervals (like minutes), there’s been a 15% drop in price. The trend, as seen on the hourly chart, was about to reverse negatively towards bears. But on longer time intervals (like hours or days), the trend remains firmly positive for bulls.
As I analyze the market trends, I notice that the $0.00000115 level carries a historical importance and could potentially serve as a strong support in the near future. However, it’s crucial to keep in mind that we might witness a more substantial pullback beyond this point.
Liquidation heatmap shows a deeper dip is likely
Over the past week, I’ve noticed that the price ranges of $0.00000107 to $0.00000103 and $0.00000098 have been particularly active, indicating substantial areas where liquidity is concentrated within the crypto market.
The cost of using BitTorrent might return to these amounts, clearing out the available funds, prior to a potential shift in trend toward a bullish move.
Read BitTorrent’s [BTT] Price Prediction 2024-25
The horizontal $0.00000115 level has confluence with the 23.6% Fibonacci extension level.
Consequently, even though the daily timeframe may show less price fluctuations, there’s a chance that BTT bulls could protect this area and potentially push the trend upward in the coming days.
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2024-11-13 05:11