Cryptocurrencies
Bitcoin's First Monthly Gain Since July May Not Mean Too Much
- Largest cryptocurrency broke six-month slide in February
- Technical strength guage suggests that token is overbought
This article is for subscribers only.
While digital currency enthusiasts should take heart in Bitcoin’s first monthly increase since July, the outlook for the original cryptocurrency remains cloudy.
Bitcoin gained 11 percent in February, the largest increase since it rallied 30 percent seven months ago, when it changed hands at around $7,690. It closed at about $3,800 Thursday in New York. Bitcoin helped to push the broader market higher, with the Bloomberg Galaxy Crypto Index increasing 16 percent in February, also the first positive month since July.