Image Source: Unsplash

Although Bitcoin reached its highest level in history (rising from one penny in 2009 to almost $125,000 this week), there was no follow-through, and the trendline that seems to have a magnetic grip on the price is still doing its job.
 

I would also note that, high as the price is, the overall momentum of $BTC has been waning recently. The animal spirits have been raging across all assets, but a true failure of this trendline could easily send Bitcoin five figures lower.
 

Ethereum has been absolutely raging for months, and although it almost made a lifetime high, beating its record set almost half a decade ago, it didn’t quite grab the brass ring. After having failed to make this achievement, it fell away hard from the attempt.
 

Holding companies for cryptocurrency have been all the rage this year, but the premium these things have garnered appears to be burning off. The king of them all, Michael Saylor’s Strategy (MSTR, as shown by the blue line below) is peeling away hard from its core asset, which is Bitcoin itself.
 

The “Strategy of Ethereum“, Sharplink Gaming (SBET, as shown in black below) is performing horribly versus its own core holding.
 

Lastly, the brokers have been feeling the heat very badly, in spite of all the record cryptocurrency highs. Here’s a look at Coinbase, which has been getting killed for weeks. One has to wonder if this 'key to wealth' is so reliable after all.
 

Failing all else, I guess you could put your faith in our Stablecoin future.
 

More By This Author:

Another Crack At PALL
Bonds Nearing Breakout
Into Thin Air