#BTTCLOVERS $BTTC #BTTC/USDT Why did the price of BTTC drop?
- Legal and regulatory challenges: In March 2023, Rainberry (the company responsible for BitTorrent) faced the U.S. Securities and Exchange Commission (SEC), which affected investor confidence.
- Digital market volatility: The cryptocurrency market is inherently highly volatile and is influenced by government policies, economic news, and speculation.
- Weak liquidity and rapid speculation: The daily trading volume (around 41 million dollars) is not sufficient to support price stability against large sell-offs.
Current situation
- Market capitalization of approximately 1.05 billion dollars.
- Technical analysis on TradingView shows neutral to negative signals in the short term, as indicators like moving averages and the relative strength index do not provide a clear upward trend.
When could it rise?
- Improvement in the overall market: If the digital market returns to a bullish wave as happened with Bitcoin and Ethereum, BTTC will benefit from the momentum.
- Technical developments: The launch of new protocols such as BTFS v2.1.0 that support cross-chain communication and multi-channel payments enhances network usage and increases demand for the currency.
- Removal of legal pressures: Any breakthrough in regulatory issues will gradually restore confidence.
Future expectations
Technical analyses indicate continued fluctuations between support and resistance levels without a strong upward trend.
#BTTC $BTTC