Bitcoin Loses 1,000 Pivot Against Silver: What Followed the Last Time This Occurred in 2022

Bitcoin has lost a major support level against silver, and this has raised concerns about its relative strength compared to the precious metal. 

After reaching a peak of $126,000 in October 2025, Bitcoin (BTC) began trending downward, while silver (XAG) continued to gain ground. As a result, the Bitcoin-to-silver ratio has dropped significantly since August 2025, breaking below the long-standing pivot of 1,000 ounces of silver per Bitcoin.

Market data shows that this level previously played a major role in Bitcoin’s past market cycles. The last time the ratio fell below the 1,000 pivot was during the 2022 bear market, when the crypto sector faced heavy pressure. 

Key Points

• Market data shows the BTC/XAG ratio fell from 3,152 in August 2025 to 829 today, marking a 73.7% decline as silver outperformed Bitcoin.
• Bitcoin dropped below the 1,000 ounces of silver pivot in January, and repeated attempts to reclaim the level between Jan. 30 and Feb. 8 failed as the level turned into resistance.
• BTC previously broke below the same pivot in November 2022 during the bear market that followed the FTX collapse, when prices fell to $15,479.
• After the breakdown, Bitcoin briefly dropped to 688 ounces of silver in December 2022 before recovering strongly in early 2023.
• The crypto asset later surged from 1,107 XAG in February 2023 to 2,973 XAG by March 2024, and a similar rebound this time could push prices higher.

Bitcoin’s Weak Run Against Silver Since August 2025

Bloomberg Strategist Mike McGlone recently discussed this divergence in performance between Bitcoin and silver. He confirmed that Bitcoin has now fallen below its most important pivot level against silver, which sits at around 1,000 ounces of silver per Bitcoin. According to him, the market may now treat this level as resistance.

Speaking further, McGlone explained that large pullbacks often happen in volatile assets like silver and Bitcoin after strong rallies, especially when market momentum slows.

 He noted that as of March 5, one Bitcoin equaled about 880 XAG, which puts the ratio below the 1,000-ounce pivot that has been important since 2017. However, he also pointed out that one major element usually seen during such downturns has not appeared this time: a similar fall in the stock market.

Chart Data Shows a Sharp Drop in BTC/XAG

Data from the BTC/XAG chart also shows how much Bitcoin has struggled against silver over the past several months. The chart indicates that the BTC/XAG pair stood at 3,152 at the start of August 2025, but it has since dropped to 829 at press time. This move represents a steep 73.7% decline during that period.

The last time Bitcoin slipped below the 1,000-ounce pivot was in November 2022, during a tough period for the crypto market. The downturn grew worse after the collapse of FTX, which triggered panic across the industry. At that time, Bitcoin fell to a low of $15,479.

After losing the pivot in November 2022, Bitcoin weakened even more against silver and dropped to 688 ounces of silver in December 2022. This marked the lowest point before the market finally began to recover in early 2023.

Bitcoin’s Struggle to Reclaim the Key Level

When the recovery began in 2023, Bitcoin gained strength against silver. The crypto firstborn rose 41% against silver in January 2023, then added another 21% across February and March 2023. These gains helped Bitcoin climb back above the 1,000-ounce pivot, turning the level back into support.

From that point, Bitcoin managed to stay above the 1,000 XAG level for a long stretch. The ratio remained above the pivot from early 2023 until the recent breakdown in January 2026.

The latest decline pushed Bitcoin below the 1,000 XAG pivot on Jan. 19, and the market has not been able to move back above it since then. Instead, the level now acts as resistance. Market data shows that Bitcoin tried to retest 1,000 XAG several times between Jan. 30 and Feb. 8, but each attempt met strong resistance.

Early Signs of a Bounce

Even with the recent weakness, Bitcoin has started showing some signs of recovery against silver. The crypto asset fell to a five-year low of 669 ounces of silver in February 2026, marking the weakest point in years. After hitting that level, Bitcoin began to bounce.

That rebound also ended a long stretch of losses. Specifically, BTC had recorded six straight monthly declines against silver from August 2025 to January 2026, but the trend changed in February 2026. During that month, Bitcoin climbed 22.6% against silver, marking its first monthly gain after the long losing streak.

The recovery has continued into this month as well. In March, Bitcoin has already gained 16.48% against silver, extending the upward move as traders watch to see if the market can reclaim the key pivot.

What Happened After the 2022 Bitcoin Breakdown

Past data reveals an interesting comparison for what could happen next. Since Bitcoin first established the 1,000 XAG pivot in December 2020, the cryptocurrency had only fallen below the level once before the current drop. This break occurred during the November 2022 bear market.

After falling below the pivot, Bitcoin needed roughly three months to recover the level. Once it climbed back above 1,000 XAG, the market entered a strong upward run against silver.

Notably, the move that followed was significant. Specifically, Bitcoin rose from 1,107 XAG in February 2023 to 2,973 XAG in March 2024, which marked a 168% increase against silver during that period.

At current levels, Bitcoin would need to climb about 20% against silver to move back above the 1,000 XAG mark. It remains unclear at this point if the cryptocurrency can repeat the pattern from the 2022 breakdown and start another upward push once it reclaims that level.