Keep bash output to one line

[mikehershey32]

Hi I am running btlaunchmany.py via bash script and having stdout redirected
to text file. Btlaunchmany outputs a new text every few seconds saying the
status of downloading torrent and this log gets really really long really
fast. Is there a way that i can make new output to the file overwrite the
old file content without stopping the program and restarting the script or
rotating the log file?
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