Chart of the Day - Thursday, May 29, 2025

🏆  Today's Chart of the Day was shared by Michael Nauss (@MichaelNaussCMT). 
 

• After emerging from a six-month consolidation last week, Bitcoin has pulled back -5% from last Thursday's record high of $112k. 
   
• Michael points out that Bitcoin is retesting last week's breakout level, around $105k–$108k. Retests are perfectly normal, but if this level gives way, it will qualify as a Failed Breakout. 
   
• As they often say, "From failed moves come fast moves in the opposite direction"—in this case, lower. Michael also notes that a failure here would signal further downside for stocks, as Bitcoin has been an excellent indicator of risk appetite for those willing to listen. 
   

The Takeaway: Bitcoin is retesting its recent breakout level around $105K–$108K. Losing this pivotal level would be a red flag for both crypto and stocks.