Crypto on the Cusp ๐ The Daily Chart Report
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Todayโs Summary
Wednesday, July 9, 2025
Indices: Russell 2000 +1.07% | Nasdaq +0.72% | S&P 500 +0.61% | Dow +0.49%
Sectors: 8 of the 11 sectors closed higher. Utilities led, rising +0.94%. Consumer Staples lagged, falling -0.65%.
Commodities: Crude Oil was flat (+0.07%) at $68.38 per barrel. Gold was also relatively flat, inching higher by +0.12% to $3,321 per oz.
Currencies: The US Dollar Index was flat at $97.47.
Crypto: Bitcoin is trading higher by +2.27% at $111,396. Ethereum gained +6.07% to $2,775.
Volatility: The Volatility Index dropped -5.06% to a four-month low of 15.95.
Interest Rates: The US 10-year Treasury snapped a five-day winning streak, dropping to 4.336%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
๐ Today's Chart of the Day was shared by Frank Cappelleri (@FrankCappelleri).
- Bitcoin hit an intraday all-time high for the first time in nearly two months today, briefly surpassing its May peak of $112,000. However, it still needs to close above $111,723 to confirm an all-time closing high.
- Meanwhile, the largest Bitcoin ETF, $IBIT, did, in fact, close at an all-time high today after clearing resistance at $63. Frank notes that $IBIT is emerging from a seven-month Inverted Head & Shoulders pattern.
- This bullish pattern projects an upside target of $83, representing a potential +30% gain from todayโs close. A similar measured move for Bitcoin translates to a target of $142,000.
The Takeaway: The largest Bitcoin ETF ($IBIT) closed at record highs today as it emerges from a seven-month accumulation pattern. If the breakout holds, Bitcoin could see a meaningful leg higher in the coming months.
Quote of the Day
โHistory never repeats itself.
Man always does.โ
- Voltaire
Top Links
The Next Target for Bitcoin - Alfonso's Daily Note
Alfonso De Pablos highlights the breakout in Bitcoin.
Contrarian Indicator Flashing Amid Bullish Sentiment - Schaeffer's Investment Research
Rocky White examines the recent spike in bullish sentiment.
Don't Think There's too Much Market Complacency - CNBC
Jeff deGraaf shares his thoughts on semiconductors, sentiment, and the current market environment.
The Beta Trade in Banks - Strazza Letter
Steve Strazza points out that Banks remain strong.
Cattle Futures and Cattle to Corn Ratio Hit Record Highs - Bespoke
Bespoke looks at the relationship between cattle and corn futures.