Crypto Alert: Bitcoin (BTC) Is Overheating With Significant Pullback Likely, Reports Bloomberg
A technical indicator designed to identify where assets are heading based on the movement of the daily close suggests Bitcoin is likely to soon pull back.
The Global Strength Indicator shows BTC is entering overbought territory, reports Bloomberg.
BTC’s current trajectory mirrors the leading cryptocurrency’s movements in August just before its price fell from about $12,000 to $10,000.
Meanwhile, Luke Martin of VentureCoinist is highlighting the recent performance of the biggest crypto assets on the market.
Data from Coin Metrics shows Bitcoin was not the biggest gainer over the last month.
“[Here’s the] large cap crypto returns for the last 30 days.
Everyone is aware of the Bitcoin pump that brought us back above 9k, but last month’s alt performance may surprise you:
[Bitcoin Cash] BCH +31%
[Bitcoin SV] BSV +56%
[Binance Coin] BNB +29%
Bitcoin forks and Binance leading the major alts.”
Out of the top coins by market cap, Bitcoin gained 13% over the same time period, with Ethereum gaining 3%, XRP gaining 15% and Litecoin gaining 3%.