- BitTorrent saw a high volume of trading during the recent 35% price move.
- The growing speculative interest and high buying volume meant that more gains were likely.
BitTorrent [BTT] was starting to trend upward, and the range broke out toward the end of August. Since then, it has retraced back into the range formation but despite this move, its bullish outlook was strong.
The high trading volume buoyed holders’ hopes that a move higher would ensue soon. The Fibonacci levels marked the next targets, and a bullish Bitcoin [BTC] would also help BitTorrent.
The selling volume shed light on market sentiment
Source: BTT/USDT on TradingView
On the 20th of August, BTT saw a high volume move upward past the mid-range resistance. It broke out past the range two days later, posting a 35.5% move over the four days of bullish price action.
Since then, the 61.8% retracement level has been tested. Interestingly, the trading volume during the downward move was very little. Another price bounce to the range high was seen on the day before press time.
The OBV leaped higher once again, showing that bulls were likely in control of the market. The daily RSI agreed with a reading of 60 to show strong momentum.
The extensions at $0.00000112 and higher would be the next targets.
The social media sentiment needs to turn around
Source: Coinglass
In the speculative markets, the sentiment has been bullish over the past week when BitTorrent tokens began making large gains. This was seen in the Open Interest spike that came during the swift price appreciation.
Source: Santiment
Social media engagement has not overly positive in recent days. The Weighted Sentiment data from Santiment showed that social media engagement was negative during the price drop.
Realistic or not, here’s BTT’s market cap in BTC’s terms
Since it was the 3-day average, the recent price surge’s positive engagement would take a couple of days to reflect on the indicator. The social volume also saw an increase.
Overall, the trading volume and the recent breakout encouraged more gains.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
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