'Bitcoin has gotten a bit overbought,' says Fundstrat's Mark Newton

Bitcoin (BTC-USD) has rallied tremendously since the collapse of Silicon Valley Bank, a far cry from the so-called 'crypto winter' of late 2022. It's value is now roughly twice as high as last November's $16K levels, and speculation over an end, or pause, to the Fed's tightening cycle is offering an extra tailwind. That scenario lifting many risk-on assets, with crypto seemingly the main beneficiary.

The narrative around bank failures isn't hurting of course, as investors weigh the benefits of Bitcoin's decentralized nature as an alternative to the traditional banking system.

Despite the push higher, however, Fundstrat Global Advisors Head of Technical Strategy Mark Newton told Yahoo Finance's Julie Hyman and Brad Smith that Bitcoin, "had a very good lift off the lows, but it's gotten a bit overbought"

Key Video Moments

00:00:45 Fed interest-rate outlook

00:02:10 Market's doom scenario

00:06:09 Bitcoin technical analysis

Watch our full conversation with Mark Newton here.