Bitcoin weekly: Silver is stealing the show

Stocks inched up over Christmas, and silver is going parabolic. Meanwhile, bitcoin spent another week flat, showing little signs of life. If there is going to be a relief rally in crypto before another leg down, it’s going to have to come soon.

Also watch the accompanying chart analysis on YouTube.

Last week was Christmas, and not much happened in the markets. Except for the silver market, that is, which has now clearly entered a parabolic phase.

Everyone across my timeline is suddenly talking about silver, with various “fundamental” reasons to explain why it will only keep going up. If you’ve been in the crypto space for a while, this type of price action, together with this type of sentiment, should be very familiar to you. And it should set off big flashing warning signs, as you know it can only end in one way: a blow-off top.

Turning to crypto, on my timeline I also see various people confidently proclaiming that profits from silver is now going to flow into bitcoin, kicking off a grand bitcoin rally to new all time highs and beyond.

I think that’s delusional.

In fact, nothing has changed in the outlook for bitcoin, which spent another week flat. It’s not a good sign that crypto has remained so weak while stocks and precious metals have been putting in new all time highs. However, there is still chance for a bitcoin relief rally here, especially as sentiment is turning more and more bearish. But if so, I think it’s going to have to happen soon.

Technically, in the bitcoin chart, resistance is still at $100k and $109k. Long term support is still at $72-76k. On the daily chart, a rectangle is forming, between $94k to the upside, and $84.4k to the downside. A break above $94k could take price back up to $100k, while a break below $84.4 could take it down to $72-76k.

And with that, the final update for the year comes to an end. Happy New Year! And may your 2026 be filled with success.