Cryptocurrencies
Bitcoin Nears Overbought Territory After Flirting With $4,000
- GTI Global Strength Indicator raises risk of retracement
- Digital token turned lower February as similar pattern emerged
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After Bitcoin struggled to maintain positive price momentum, a technical gauge is suggesting more pain in the coming weeks.
The original cryptocurrency briefly breached $4,000 last week for the first time during weekday trading in more than two months, before falling back. Bitcoin is nearing overbought levels, according to the GTI Global Strength Indicator, a technical tool that accounts for intraday volatility. It could see further downside should it decisively break into that territory, the measure suggests.