Analyst: Bitcoin (BTC) To Soon Retest $3,100 Range

Over recent hours, the crypto market has finally slipped after days of low volatility. As of the time of writing this, Bitcoin (BTC) is still at $3,964 — down 1.6% on the day — as altcoins across the board have experienced similar losses. Ethereum, XRP, and Litecoin are all down by effectively the same as Bitcoin percentage-wise, and those in lower standing are hurting slightly more.

While this move hasn’t entirely shocked traders, some are wary that there is more pain to come. According to a Bloomberg report, which came after BTC slipped at the auspicious $4,000 level, the cryptocurrency is currently leaning overbought, as per the GTI Global Strength Indicator. Last time BTC entered overbought territory, it lost 3% over a two week period.

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