Bitcoin and Silver Struggle Below Key Resistance as Dow Jones Hits Record Highs

Bitcoin and silver continue to trade below key resistance levels near 78,000 and 77 respectively, while the Dow Jones tests fresh record highs above 50,500. Diverging risk sentiment remains in focus as the CNN Fear & Greed Index slips toward 58, US 10-year and 30-year bond yields retreat more than 2% from yearly highs, and WTI crude oil eases back toward the $95 mark amid early signs of recovering flows through the Strait of Hormuz.

At the same time, precious metals remain trapped near fragile support levels, the US Dollar Index (DXY) continues holding above 99, and Bitcoin remains capped below the key 78,000 resistance zone.

CNN Fear & Greed Index

Source: CNN

The Dow Jones is testing record highs above 50,600, while the Nasdaq and S&P 500 remain roughly 0.4% below their respective highs. This raises a similar question previously seen during silver’s earlier rally while gold remained muted: is this divergence a leading or lagging sentiment indicator? Previous Article: Silver Price Outlook: Lagging or Leading Gold?

Bitcoin Price Outlook: Weekly Time Frame – Log Scale

Source: TradingView

From a weekly perspective, a neutral-to-bearish bias is beginning to emerge based on several technical signals:

• A weekly bearish engulfing pattern forming near the midpoint of the respected ascending channel from this year’s lows
• Weekly RSI challenging the neutral 50 level
• Price action remaining below the 78,000 resistance zone

These factors are beginning to challenge the strong bullish rebound that developed from the 60,000 support region, exposing continuation risks while Bitcoin remains below the 83,000–85,000 resistance zone, upper channel boundary.

A sustained breakout above 85,000 would strengthen the bullish outlook toward 90,000 and 98,000, retesting the highs of 2026 and potentially confirming a continuation back above the 100,000 mark.

On the downside, a breakdown below the channel structure, particularly under 75,000 and the 72,000 lower channel boundary, would expose downside risks toward 65,000 and 60,000 once again before potentially confirming a deeper correction toward 53,000 and 48,000, which may present longer-term dip-buying opportunities.

Bitcoin Price Outlook: Daily Time Frame – Log Scale

Source: TradingView

The daily time frame also reflects this cautious bias, with price action holding below the midpoint of the ascending channel and under the 78,000 resistance level, while RSI remains below the neutral 50 mark.

This keeps Bitcoin exposed to short-term drawdown risks unless the 78,000 and 86,000 resistance zones are cleared, as highlighted in the previous chart.

Interestingly, silver prices continue to trace a similar structure and momentum profile to Bitcoin, reflecting a growing correlation between speculative sentiment across both markets as of May 2026.

Silver Price Outlook: Daily Time Frame – Log Scale

Source: TradingView

Silver price action remains below the lower boundary of a respected ascending channel extending from this year’s lows and continues to trade below the 77 resistance level.

This leaves the metal vulnerable toward the 72–70 support zone for either another bullish rejection or an extended drawdown toward this year’s lows near 63.80, followed by 56 and 48 — the previous multi-decade resistance zone on the silver chart since 1980, which may once again provide a longer-term bullish positioning opportunity.

On the upside, a breakout back into the channel above the 77 level would expose a short-term retest toward 81 before potentially confirming bullish continuation toward the channel midpoint and upper boundary near 86, 88, 92, and 96.

The April 2026 highs remain critical, as a breakout above them could either trigger another sharp pullback or confirm an extended breakout toward triple-digit silver prices and fresh record highs.

Written by Razan Hilal, CMT
Follow on X: @Rh_waves