In the early hours of the Asian trading session, simultaneous upward movements in Bitcoin, gold, and silver were observed, driven by a significant depreciation of the US dollar. This shift followed statements from Federal Reserve Chairman Jerome Powell after the Department of Justice subpoenaed the Federal Reserve, with potential criminal sanctions emerging as a new discussion point by Friday. Powell’s remarks triggered speculations of retribution against the Fed for not aligning with President Donald Trump’s desired interest rate path, more than his testimony in Congress in June. The markets responded by gravitating toward safe havens; however, Bitcoin’s sustained gains were more limited.
The Debate on Central Bank Independence and Safe-Haven Pursuits
Although the action of the US Department of Justice toward the Federal Reserve is considered limited in direct economic impact, it holds the potential to damage the perception of central bank independence. In financial circles, even the possibility of political pressure can create a risk premium affecting institutional credibility. Historical precedents show that such narratives can quickly pivot capital toward alternative value storage methods.
Within this context, the purchases of gold and silver were not surprising. Both commodities are viewed as natural insurance for portfolios in times of political and institutional uncertainty. The rise during the Asian session continued a positively trending technical outlook. The move to store value amid doubts over central bank policies was a primary factor supporting price movements.
However, the developments were not limited to commodities. Bitcoin’s simultaneous upward movement during this period suggested efforts to reposition the cryptocurrency as a hedge against the fiat system. Yet, the market signals indicated that this narrative had not yet established a firm foundation.
Familiar Resistance in Bitcoin and Diminished Breakout Hopes
Bitcoin failed to close sustainably above the 92,000-dollar level during its rise. A sharp pullback occurred with the opening of the European session, reminiscent of repeated patterns at the end of last year where attempts to rise quickly met with selling. This behavior suggests that structural pressures faced by the crypto market since October 10 continue to persist.
Derivative market positioning also supports this picture. Recent weeks have seen a notable reduction in long-term high-strike call options. Portions of the 98,000 and 100,000-dollar strike contracts for January and February 2026 have been closed, while some positions have shifted to 125,000 dollars for March 2026, indicating a deferral of bullish expectations. A tendency to buy time rather than confident short-term belief has emerged.
During U.S. trading hours, continued Bitcoin selling, though more scattered compared to previous weeks, still restricts upward movements with a prevailing supply pressure perception. As macroeconomic volatility increases, compared to the resilience of precious metals and stocks, the relative allure of crypto assets appears weakened. Markets have adopted a cautious stance ahead of upcoming U.S. consumer inflation data on Tuesday and the Supreme Court’s tariff decision expected on Wednesday.
