Despite all-time highs seen in major US indices and gold, Bitcoin has lagged behind.

Bitcoin's ratio to the S&P 500 is in bearish consolidation, indicating a divergence between stock market recovery and cryptocurrency risk.

While Bitcoin must remain above the 50-day moving average to maintain its bullish momentum, a downward break indicates a bearish outlook.

With all major US indices (i.e. S&P 500, NASDAQ Composite and Dow Jones Industrial Average) and the gold market reaching all-time highs, Bitcoin appears to be the only asset left behind.