Cryptocurrencies
Cryptocurrency Rally Faces Fresh Resistance After Breakout Run
- Index is approaching level it failed twice this year to breach
- Relative-strength index suggests crypto market is overbought
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The cryptocurrency market may be about to face a big test in the wake of this week’s resurgence.
The Bloomberg Galaxy Crypto Index, which measures the performance of many of the most widely traded tokens including Bitcoin and Ether, is approaching the 500 level that it’s come close to but failed to breach on two attempts this year. A technical gauge known as the relative-strength index is also overbought at 80, near the level during the February run-up that hit a roadblock.