Bitcoin [BTC] has once again fallen below the $70,000 price level last seen in February. At the time of writing, the leading cryptocurrency was trading at $69,570.36, having dropped 4.24% in the past 24 hours.
Meanwhile, Gold was trading at 4,533.95 at the time of publication, having risen 1.26% in the past 24 hours.
The current status of Bitcoin is worrying
Considering that Bitcoin has outperformed Gold and the S&P 500 in every previous crisis, the current state of the market seems unusual.
According to an earlier report from AMBCrypto, Bitcoin rose 21% during the COVID-19 outbreak in March, while the S&P 500 and Gold rose 2% and 3%, respectively.
Similar trends were observed during the US banking crisis, the 2026 US-Iran war and the Russia-Ukraine war.
The community reflects similar sentiments
However, regarding the worrying situation surrounding Bitcoin, a Bitcoin wizard, Adam Livingston, noted: noted,
2026 is officially the most oversold year for Bitcoin versus gold on record.
Livingston pointed out that Bitcoin has historically been incredibly cheap compared to gold. Nevertheless, one Bitcoin currently only buys about 15.9 ounces of gold, compared to the long-term average of about 63 ounces.
The data shows that, aside from its early years, Bitcoin has never been cheaper compared to gold. When Bitcoin oversold this in the past, it made significant gains over the next two years.
The argument goes that Bitcoin is down 32% this year, creating a historically large gap between the two assets, while gold is up almost 92% over the past two years.
Similar trends are happening in Bitcoin’s performance against the S&P 500, where the former has lagged.
The Bitcoin/Gold ratio also turns negative
The Bitcoin/Gold Ratio chart also showed a steep drop in 2026, going from over 30 ounces of gold per Bitcoin in 2025 to around 15 to 16 ounces currently.
This suggests that Bitcoin has noticeably underperformed Gold in 2026, making it one of the weakest times in recent history for the cryptocurrency in relation to the precious metal.
The decline has brought the ratio close to levels often observed during significant market bottoms, indicating that Bitcoin is currently trading at a significant discount to gold.
All things considered, based on the 2026 trend, Bitcoin appears to be moving independently of gold rather than alongside it.
According to this, investors still see Bitcoin as a risky investment. However, the historically low BTC/Gold ratio also suggests that Bitcoin could have a lot of room to surpass gold and restore its long-term monetary asset story if market sentiment improves.
However, there is no guarantee that the pattern will repeat itself, as this is based on past trends rather than a guarantee.
Final summary
- Given the state of the market, one Bitcoin can currently buy approximately 15.9 ounces of gold.
- The Bitcoin/Gold ratio further reflects that BTC is undervalued relative to gold, which has not been the case in the past seven crises.