The good old debate between Gold [XAU] and Bitcoin [BTC] never seems to conclude. Earlier in March, after the U.S.-Iran escalations, Bitcoin started outperforming gold. It even climbed back to around $74,000, acting as a hedge during geopolitical tensions.
But as we move towards 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 was showing green candles on the 4-hour time frame, indicating that gold was performing better than Bitcoin again. At the same time, Bitcoin was struggling to stay above the important $67,000 level.
Looking back, one can see that earlier this month, the chart dropped sharply. That meant Bitcoin was doing much better than Gold. Thereafter, both assets moved sideways for a while, showing a balance between them, but now things have shifted.
However, it’s also important to note that this bounce is currently minimal and does not hint at a real trend change. That said, the RSI was also around 72, in the overbought zone, which further confirmed the sentiment.
Bitcoin-Gold correlation hits rock bottom
At press time, Bitcoin and Gold’s price correlation stood at -0.47, meaning that both assets were moving in opposite directions.
So, according to on-chain analysis, Bitcoin is still being considered a risky asset in comparison to gold.
Bitcoin’s all-time critic, Peter Schiff, echoed this sentiment, noting,
Schiff’s narrative was further supported by the asset market cap chart, which showed that Bitcoin was ranking 12th, whereas gold was at the top.
This comes as Bitcoin was trading around $67,258, and gold was priced at $4,536 at press time.
However, when you zoom out and look at the full month, Bitcoin was acting as a ‘safe haven’ when gold was witnessing its worst five-day drop since 1983.
Thus, as we move to Q2 of 2026, it remains to be seen whether the market is still divided or there is some agreement in terms of the actual ‘safe haven’ notion.
Final Summary
- The Gold vs. Bitcoin debate continues to unfold, as both assets show strength at different times under different market conditions.
- The negative correlation metric further confirms that both assets are not moving in the same direction.