The good old debate between gold [XAU] and Bitcoin [BTC] never seems to reach a conclusion. Earlier in March, following the escalations between the US and Iran, Bitcoin started to outperform gold. It even climbed back to around $74,000, acting as a hedge during geopolitical tensions.
But as we get closer to the end of the month and the end of the first quarter of 2026, Bitcoin is losing its charm.
Gold vs. Bitcoin: An Analysis
At the time of reporting, the XAU/BTC chart showed green candles on the 4-hour time frame, indicating that gold was once again outperforming Bitcoin. At the same time, Bitcoin struggled to stay above the important $67,000 level.
Looking back, you can see that the chart fell sharply earlier this month. That meant Bitcoin fared much better than Gold. After that, both assets moved sideways for a while, showing a balance between the two, but now things have shifted.
However, it is also important to note that this uptick is currently minimal and does not indicate a real trend change. That said, the RSI was also around 72, in the overbought zone, further confirming sentiment.
The correlation between Bitcoin and Gold is reaching an all-time low
At the time of writing, the price correlation between Bitcoin and Gold was -0.47, meaning both assets were moving in opposite directions.
So, according to on-chain analysis, Bitcoin is still considered a risky asset compared to gold.
Bitcoin’s all-time critic, Peter Schiff, echoed this sentiment, noting:
Schiff’s story was further supported by the market cap chart, which showed Bitcoin in twelfth place, while gold was at the top.
This is because Bitcoin was trading around $67,258, and gold was worth $4,536 at the time of writing.
However, when you zoom out and look at the full month, Bitcoin acted as a ‘safe haven’ when gold witnessed its worst five-day decline since 1983.
So as we approach the second quarter of 2026, it remains to be seen whether the market is still divided or whether there is any agreement on the actual concept of a ‘safe haven’.
Final summary
- The gold versus Bitcoin debate continues to unfold as both assets show strength at different times and under different market conditions.
- The negative correlation metric further confirms that both assets are not moving in the same direction.