🏆 Today's Chart of the Day was shared by Larry Thompson (@HostileCharts).
- While the week is far from over, the largest Bitcoin ETF ($IBIT) is flirting with its lowest weekly close since April, down -0.9% despite opening the week with a +2.4% gap higher.
- $IBIT began rebounding on Friday after hitting a fresh six-month low. However, broken support at $61 has flipped into resistance. This has been a pivotal level all year, shifting from resistance to support this summer and back to resistance in recent weeks.
- The AVWAP from the April low also sits near $61, reinforcing its significance. Continued rejection doesn’t bode well for the broader market, as Bitcoin has been a reliable gauge of risk appetite.
The Takeaway: Former support has turned into resistance for the largest Bitcoin ETF ($IBIT). As long as $IBIT remains below $61, the path of least resistance for Bitcoin and the broader crypto space is lower.
