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Bitcoin Most Overbought Since Record Run, Technical Gauge Says

  • GTI Global Strength Indicator flashes warning signal
  • This week’s price surge renewed digital currency optimism
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Bitcoin's Mystery Rally

Here’s something for recently emboldened crypto enthusiasts to mull: Bitcoin is now at its most expensive level since just before the spectacular crash of the most widely owned digital currency.

As the coin’s price broke above $5,000 for the first time since November this week, the GTI Global Strength Indicator, a technical analysis tool, showed it’s the most overbought since its run-up to nearly $20,000 in December 2017. Similar patterns have in the past presaged multi-week downturns. Bitcoin climbed another 3 percent on Friday.