BTT Daily Chart – Source: Tradingview.com

The second wave of buying has hit the recently listed BitTorrent token (BTT). BTT started trading on Binance on the 31st of January 2019. After the first few days of trading lower, BTT spiked to a high of nearly $0.0013.

Price underwent a sharp reversal from this high but is now experiencing its second wave of buying. A large driver behind this buying is likely to be the airdrop which took place yesterday.

The BitTorrent foundation airdropped a total of 10.89 billion tokens to holders of Tron. Both Tron and BitTorrent are projects headed by Justin Sun who is renowned for his marketing “skills”. The marketing strategies applied by Sun can often result in volatile price movements as is being seen in BTT.

BTT 4-Hour Chart – Source: Tradingview.com

Buyer momentum is strong behind the current rise, as indicated by the increases in both the 4-hour RSI and MACD. The key level to monitor is the former high. A break above this may result in a surge for the price, but resistance is likely to come into play as price approaches.

Key Takeaways:

  • Second wave of buying momentum is hitting BTT with the key driver likely to be the airdrop which took place yesterday
  • Buying momentum is strong currently with both the 4-hour RSI and MACD increasing
  • The key level to monitor is the point of the former high around $0.0013

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