Chart of the Day - Wednesday, June 21, 2023

Today's Chart of the Day was shared by Larry Thompson (@HostileCharts). Bitcoin reclaimed $30k today after rallying +20% over the past week. It was skating on thin ice last week as it tested crucial support at $25k. However, buyers showed up right where they needed to this weekend. Larry points out that it would make sense to see Bitcoin pause at $30k to consolidate its recent gains, and digests overhead supply from the April highs. $30k also coincides with the VWAP anchored to its all-time highs. At this point, $30-$31k is the next upside objective for Bitcoin, and bulls want to see $28k act as support in the near term on any potential weakness.