🏆 Today's Chart of the Day was shared by @TonyTheBullCMT.
- Bitcoin briefly dropped to a six-month low of $98,800 today, although it's back above $100k as of writing. It peaked around $125k in the first week of October before sliding roughly -20% over the past month.
- Tony notes that Bitcoin has lost a three-year trendline that has been in place since the FTX collapse in December 2022. While the primary trend remains higher, this signals a clear loss of upward momentum.
- Reclaiming this trendline could spark a chase back to all-time highs by the end of the year. However, it couldn't even rally during its "best month," and it's technically damaged below $107k~$110k.
The Takeaway: Bitcoin briefly slipped below six figures today, but more importantly, it violated a three-year trendline that has been in place since the bull market began in late 2022. This doesn't bode well for stocks, considering Bitcoin often leads the broader market higher or lower.
