Chart of the Day - Wednesday, July 9, 2025

🏆  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 finish the day 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 today’s 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.