Bitcoin’s $67K Gamble: Will It Ride the Gold Wave?

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With the world teetering on the brink of chaos, as the US and Iran engage in their usual theatrical posturing, the more prudent investors have once again retreated to the familiar comforts of gold and silver, their portfolios seeking solace in the gleam of precious metals. Astonishingly, both metals are showing signs of a breakout, as if they too are eager to escape the chaos. In the depths of a bear market, could Bitcoin, that most capricious of assets, be about to follow suit? One can only hope, though the odds are as slim as a banker’s promise.

Gold’s Ascent to $5,100: A Bull’s Delightful Struggle

Gold, that paragon of stability, has once again climbed above $5,000, a small trend break that has the bulls prancing about with the glee of a child in a candy store. If the bulls can muster a 2% daily gain, they might just push the price through the $5,100 resistance. Given recent price history, a 2% rise is as achievable as a well-timed joke at a funeral. From there, an ascent back to the $5,600 all-time high is a real possibility-assuming, of course, that the market isn’t simply indulging in a collective delusion.

Silver’s 3% Surge: A Temporary Triumph

Silver, ever the eager participant, has surged 3% on Friday morning, breaking out of its triangle pattern with the enthusiasm of a schoolboy on a field trip. However, the horizontal resistance at $80,000 looms like a stubborn gatekeeper, demanding another hearty shove from the bulls to proceed. One can only hope the silver enthusiasts are not merely chasing shadows, for the path ahead is fraught with the peril of false hope.

If Silver can then confirm this level as support, only one more decent resistance remains at $92 to $93 before the silver bulls get the chance to take the price back to the $121 top. If the price gets there, beware of a double top-because nothing says “financial wisdom” like repeating a mistake with the enthusiasm of a man who’s just discovered the concept of “again.”

Bitcoin’s 1.7% Rally: A Slight Glimmer of Hope

The $BTC price is having its own decent little period of upside. 1.7% up on the day so far, the price is not far from the bottom of the bear pennant pattern it recently fell out of. However, the immediate issue with Bitcoin, and the reason it might struggle compared to gold and silver, is that the price could just be coming back to confirm the breakdown from the pennant. What’s more, just above this area is the major horizontal resistance at $69,000. It will take a gargantuan effort from the bulls to push the price back above and confirm this level as support once more. That said, options expiry today has max pain at $70,000… a number so tantalizing it could make a monk weep.

Weekly Close Above $69,000: A Bull’s Last Stand

The weekly chart shows just how important it would be for the bulls to close this candle above that $69,000 horizontal level and keep it as support, which it still is in this higher time frame. We already have the huge wick down to $60,000 which was bought up very strongly. 

We then had the following weekly candle very slightly slipping below, but with a decent wick down to $65,000, and now for this current week there is the possibility of another similar candle and wick. This does rather look like the major support could be holding. Of course, if the weekend turns red for the $BTC price, that support would be in grave danger once again.

However, if one also takes into account that the Stochastic RSI indicators in this time frame are nicely positioned, ready to swing back up, and that these indicators are at the bottom for the 2-week and the monthly time frames, it tells a story that a bottom is very likely forming. One can only hope, as the market’s whims are as fickle as a politician’s promises.

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2026-02-20 13:38