Arguably one of the most important charts in finance.

This is Bitcoin relative to the equal-weight S&P 500 (BTC/RSP).

In other words, BTC's performance vs. the avg stock.

It's currently retesting the 2021 cycle highs.

Flipped it into support in Q1'25 & made new highs.

But now, it looks extremely heavy and it's been unable to produce a meaningful low on this zone for the past few months.

In fact, it could have its lowest daily close today... which would be the lowest close since November 10, 2024.

Break this level and I think it confirms the bear market.

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