Blasé Bitcoin Breakout

I have one simple chart to show, and one simple point to make:

(Click on image to enlarge)

For months now, the crypto space has been (i) basing (ii) breaking out (iii) moving on to a higher plane. This time, however, was a total fizzle. It broke out, everyone was chattering about “institutional buying” (which apparently are the magic words), and yet $10,000 has been sheared off the price within days. Crypto isn’t necessarily doomed, but this is definitely not what the bulls want to see.