🏆 Today's Chart of the Day was shared by Mark Ungewitter (@markungewitter).
- Bitcoin ($BTC) is now on pace for its fourth-worst year on record, despite being up nearly 35% year-to-date as recently as October.
- Mark notes that the break of the long-term uptrend from the bear-market lows signals a meaningful loss of momentum and is not characteristic of a healthy market.
- Relative performance is also weakening, with Bitcoin making fresh 52-week lows versus the S&P 500 ($SPY) and completing a multi-month head-and-shoulders top against Gold ($GLD).
The Takeaway: Bitcoin is breaking down on an absolute and relative basis, opening the door for further downside risk.
