The good old debate between gold (XAU) and Bitcoin (BTC) never seems to end. Earlier in March, after the escalation between the US and Iran, Bitcoin started to outperform gold. It even rose again to around $74,000, to act as a hedge during geopolitical tensions.
But as we approach the end of the month and the end of the first quarter of 2026, Bitcoin is losing its magic.
Gold vs Bitcoin: Analysis
At the time of reporting, the XAU/BTC chart was showing green candles on the 4-hour time frame, indicating that gold was performing better than… Bitcoin once again. Meanwhile, Bitcoin was struggling to stay above the important level of $67,000.
Looking back, one can see that earlier this month, the chart fell sharply. This means that Bitcoin performed much better than gold. After that, both assets moved sideways for a while, showing balance between them, but now things have changed.
However, it is also important to note that this bounce is currently minimal and does not indicate a real change in trend. However, the RSI was also near 72, in overbought territory, which confirmed the sentiment further.
The correlation between Bitcoin and gold is hitting rock bottom
At the time of writing, the correlation between Bitcoin and gold prices was -0.47, meaning that both assets were moving in opposite directions.
Therefore, according to on-chain analysis, Bitcoin is still considered a risky asset compared to gold.
Frequent Bitcoin critic Peter Schiff echoed this sentiment, noting:
Schiff’s account was further supported by a chart of asset market capitalization, which showed that Bitcoin was ranked twelfth, while gold was at the top.
This comes as Bitcoin was trading at around $67,258, and gold was at $4,536 at press time.
However, when you zoom out and look at the entire month, Bitcoin was a “safe haven” when gold was He bears witness Worst five-day decline since 1983.
Therefore, as we move into Q2 2026, it remains to be seen whether the market remains divided or if there is some agreement regarding the actual “safe haven” idea.
Final summary
- The gold vs. Bitcoin debate continues, with both assets showing strength at different times under different market conditions.
- The negative correlation measure also confirms that both assets are not moving in the same direction.
