Chart of the Day - Monday, June 5, 2023

Tough day in crypto. If bitcoin gets below $25,000 there's not a lot of support until the $20,000 level. pic.twitter.com/ieCJzzJ7kw

— Brian Lund (@bclund) June 5, 2023

Today’s Chart of the Day was shared by Brian Lund (@bclund). It's a daily chart of Bitcoin year-to-date. Bitcoin broke the neckline of a bearish head & shoulders pattern today ($26,500) and it's starting to test the August/February highs, around $25k. As Brian point's out, if it breaks $25k, it would open the door for roughly ~20% further downside, as there's no apparent support until around $20k. Keep an eye on how Bitcoin reacts as it tests this key level.