GOA (CoinChapter.com) — BitTorrent’s BTT token has outperformed its top-ranking crypto rivals in December, rising nearly 200% month-to-date to $0.00000164. The gains surface on the back of an upside sentiment in the crypto market, led by the euphoria surrounding the Spot Bitcoin ETF decision in January. However, more catalysts have contributed to the BTT price rally. Let’s discuss them as follows.
Why is BitTorrent’s BTT Token Up So Much?
Here are three key bullish factors behind the ongoing BitTorrent BTT token rally.
TRON’s Milestone Achievements
BitTorrent’s token rise followed the news of the TRON network’s growth. Notably, the blockchain network, which acquired BitTorrent’s file-sharing protocol in 2018, surpassed 200 million accounts earlier in December. It is possible that TRON’s achievements helped BTT’s price performance, given, for instance, the latter’s volume has doubled to nearly $400 million recently.
Oversold Bounce
BitTorrent’s BTT token rise is part of an oversold rebound.
Notably, BTT’s weekly relative strength index (RSI) reading has been below 30 since January 2022. Technically, it means the BitTorrent token’s value has traded below its intended value in recent years, posing discount buying opportunities for speculators.
The recent altcoin market boom has increased investors’ appetite for riskier cryptocurrencies. In other words, they have onboarded the BitTorrent market, ignoring its risky status, while anticipating powerful short-term gains.
Is BitTorrent a Buy in December 2023?
It’s too risky to buy BitTorrent BTT tokens after a strong price rally. For instance, the cryptocurrency’s RSI is already inside the overbought zone on the daily chart, suggesting its valuation is excessive enough to prompt profit-taking.
In addition, one can notice a bearish divergence occurring between BTT’s price and daily RSI, confirmed by the price forming higher highs and the RSI forming lower highs. That indicates bullish exhaustion.
Moreover, the BTT token’s price is near $0.00000168, a support-turned-resistance level from the January-May 2022 session, which may limit its upward attempts.
So yes, it is not the best time to buy BitTorrent’s BTT token. Practice caution!
