Chart of the Day - Monday, February 3, 2025

🏆 Today's Chart of the Day was shared by Peter Brandt (@PeterLBrandt). 
 

• It's been a wild 24 hours for the Crypto market! After tumbling all weekend, Bitcoin found support at $91k this morning before rebounding +11% off its intraday low. It's back above $100k and only -4.2% below a record closing high. 
   
• Despite today's rollercoaster, Bitcoin remains rangebound between $89k ~ $109k. It's been stuck in this messy range for over two months, building pressure for an eventual resolution. 
   
• The height of the range (~$20k) suggests an upside target of $129k and a downside target of $69k. While Bitcoin held up relatively well today, other altcoins suffered severe technical damage. 
   

The Takeaway: Bitcoin was structurally unfazed by today's volatility. It's been rangebound for two months, between $89k and $109k. The longer this range persists, the bigger the implications of a breakout or breakdown.