A simultaneous rise in Bitcoin, gold and silver was observed in the early hours of Asian trading. The move follows the sharp depreciation of the US dollar, as well as statements by Federal Reserve Chairman Jerome Powell regarding the Justice Department’s subpoena to the Fed and threats of possible criminal sanctions that came up on Friday. Powell’s assessments created a perception of retaliation against the failure to comply with President Donald Trump’s preferred interest rate path in monetary policy, rather than the June statement of the process in Congress. While the first reaction in the markets was to turn to safe havens, permanence on the Bitcoin front remained limited.
Central Bank Independence Debate and the Search for a Safe Harbor
Although the US Department of Justice’s action against the Federal Reserve is seen as limited in terms of direct economic effects, it has the potential to damage the perception of central bank independence. In financial circles, the assessment that even the possibility of political pressure may create a risk premium on corporate reliability comes to the fore. Historical examples show that such narratives can quickly divert capital towards alternative stores of value.
Against this backdrop, the purchases in gold and silver were not surprising. Both commodities are seen as natural insurance for portfolios in times of political and institutional uncertainty. The rise in the Asian session was a continuation of the already positive technical outlook. The main factor supporting price movements was the fact that institutional investors turned to assets with a high tendency to maintain their value when questions about central bank policies increased.
However, the picture was not limited to just commodities. The fact that Bitcoin also participated in the upward movement at the same time suggested that the crypto asset was being tried to be positioned as a protection tool against the fiat system. However, the signal given by the market was that this narrative was not yet firmly established.
Familiar Resistance in Bitcoin, Fading Breakout Hope
Bitcoin failed to make a permanent close above the $92,000 level during the rise. There was a sharp retreat with the opening of the European session. The outlook resembled the structure that was repeated many times in the last quarter of last year, where attempts to rise were quickly met with sales. This behavior reveals that the structural pressures faced by the crypto market after October 10 are still effective.
Positioning in derivative markets also supports this picture. In recent weeks, partial reductions in long-term high strike price call options have attracted attention. While some of the contracts with strike prices of 98 thousand and 100 thousand dollars due in January and February 2026 are closed, moving some positions to the level of 125 thousand dollars with maturity in March 2026 means that the upward expectations are postponed. Rather than a strong belief in the near term, the tendency to gain time comes to the fore.
While the ongoing Bitcoin sell-off during US trading hours has been more dispersed than in previous weeks, the perception of supply pressure continues to limit upside movements. In an environment of increasing macroeconomic volatility, the relative appeal of crypto assets appears to be weakening compared to the resilience exhibited by precious metals and equities. Markets have moved towards a cautious positioning ahead of the US consumer inflation data to be announced on Tuesday and the Supreme Court’s tariff decision expected on Wednesday.
