Gold and Silver Hit New ATHs, But Why is Bitcoin Falling?

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Gold and silver climbed to fresh all-time highs this week as the U.S. dollar weakened amid rising tensions between Jerome Powell and Donald Trump. The dispute has raised concerns over the Federal Reserve’s independence, pushing investors toward traditional safety assets. Gold traded near $4,600 per ounce, while silver jumped more than 5% to above $84 per ounce, both record levels.

Bitcoin fails to hold early gains

While metals rallied, Bitcoin moved lower. The price rose above $92,000 but slipped below $91,000 and drifted closer to $90,000. The pullback came alongside weaker equity markets, as investors reduced exposure to risk assets.

Big Bitcoin buy fails to lift prices

Bitcoin’s decline comes despite a major purchase by Strategy, led by executive chairman Michael Saylor. The company bought $1.25 billion worth of Bitcoin, one of its largest purchases and its first since recent index-related clarity. Strategy now holds about 687,410 Bitcoin, acquired for roughly $51.8 billion, at an average price near $75,353 per coin.

Risk assets under pressure

Bitcoin continued to move in line with broader risk markets. Technology stocks weakened, with the Nasdaq-linked QQQ ETF down about 1% in pre-market trading, reinforcing Bitcoin’s correlation with equities rather than safe-haven assets.

Metals dominate the safety trade

Analyst Michael van de Poppe said the crypto market is entering an important phase. He said that both gold and silver have hit new all-time highs, showing strong momentum in traditional safe assets.

However, he warned that this strength needs to continue. If the breakout loses speed, markets could slide lower and bearish signals may take over. Van de Poppe said this is an important moment for Bitcoin, which now needs to show strength and step up.

Gold and silver remain strongly supported as investors favor assets traditionally used during periods of political and monetary uncertainty. As markets look toward 2026, the contrast between surging metals and a struggling Bitcoin shows how differently investors are positioning for risk and stability.