Technical analysis by Mohammad_Mirdehghan about Symbol BTC: Sell recommendation (7 hour ago)

Yes, this is exactly what rising relative risk between two assets looks like. Intermarket analysis allows us to identify where capital is actually flowing, rather than focusing on isolated price movements in a single market. By comparing a high-risk asset to a defensive one, we gain a clearer view of the broader risk regime. The missing link in the current market cycle is this: when precious metals move to the top of the capital hierarchy, ultra-risk assets such as crypto inevitably come under sustained pressure. The Bitcoin-to-Silver ratio visualizes this dynamic remarkably well. The Elliott wave structure appears clean and mature, with the ratio now hovering around a historically significant equilibrium zone (approximately 700–800) — a level that has repeatedly acted as a pivot for capital rotation. This chart is not just a ratio; it is a macro signal of risk appetite. As long as silver and precious metals remain dominant, continued downside pressure on crypto assets is a logical and intermarket-consistent outcome.