Traders who bought BitTorrent at its top, believing that the Justin Sun-backed token would keep on pumping, are now facing huge intraday losses.
The BTT/USD exchange rate crashed by more than 40 percent after setting up a record high of $0.0134, questioning catalysts that prompted BitTorrent’s explosive upside move in the first place. Earlier, NewsBTC has raised alarms about an absence of concrete fundamental factors that should have been backing the BTT’s price rally. Excerpts:
“Traders might unload a portion of their BTT holdings to secure maximum profits. That could push the token towards its next downside target that lurks near its 20-4H exponential moving average (the green wave). If profit-taking intensifies, BTT will fall towards the blue wave target — the 50-4H simple moving average. That would wipe out almost most of the BTT’s 2021 profits.”
BitTorrent dumps more than 40 percent from its record high level. Source: BTTUSD on TradingView.com
Except, one factor, the so-called altcoin season,