Chart of the Day - Wednesday, January 21, 2026

January 21, 2026

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… pic.twitter.com/jxRzYz41TZ
— Caleb Franzen (@CalebFranzen) January 21, 2026

🏆 Today's Chart of the Day was shared by Caleb Franzen (@CalebFranzen).

Bitcoin relative to the equal-weight S&P 500 ($BTC/$RSP) is retesting its 2021 cycle highs, a level that has historically marked major turning points.
With $BTC already breaking down against the cap-weighted S&P ($SPY), a failure here would imply relative weakness versus not just mega-caps, but the average S&P 500 stock.
As Caleb notes, Bitcoin has been unable to establish a durable low at this support, and the longer a level is tested without a bounce, the greater the risk of a breakdown.

The Takeaway: Bitcoin is retesting key polarity, and a loss of this support would mark a notable deterioration in its relative trend.

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