Chart of the Day - Monday, June 14th, 2021

Today’s Chart of the Day was shared by Jurrien Timmer (@TimmerFidelity). On the bottom is a daily bar chart of Bitcoin over the past 10-months, and on top is the Goldman Sachs Retail Favorites Index (meme stocks). Jurrien points out that Bitcoin has likely carved out an intermediate-term bottom. Interestingly, the meme stock index has been highly correlated with Bitcoin over the past year. Both peaked in mid-April, however, meme stocks have recovered to new highs. Could Bitcoin follow meme stocks higher? The next potential resistance level for Bitcoin is around $50k. How price behaves around that level will be very revealing. We're currently trading around $40k and could test $50k at some point this week, so stay tuned! For more on this, check out the full thread from Jurrien here.