Bitcoin (BTC) is holding near $71,000 while gold sheds almost 10% in a week, pushing the correlation between the two assets to a three-year low of 0.9 — a level that analyst Wise Crypto says has historically preceded major BTC recoveries.
BTC-Gold Correlation Drop
Wise Crypto shared data on X on Mar. 24 showing that the BTC-to-gold ratio has fallen roughly 70% from its prior high, while Bitcoin itself has stabilized. The analyst noted that in past instances, similar correlation breakdowns appeared just as BTC stopped falling and began to rebound.
Whale accumulation has also increased, suggesting larger holders are building positions at current levels.
"Add in macro + geopolitical resilience, and the case builds," Wise Crypto wrote. "Bitcoin may have already bottomed."
That geopolitical context has been visible in recent price action. BTC gained 7% following the start of the U.S.-Iran conflict on Feb. 28, while gold fell 2% and the Nasdaq 100 slipped.
Yesterday offered another example: Bitcoin briefly touched $71,500 after U.S. President Donald Trump signaled a pause in hostilities with Iran, but Iran quickly denied the claims, sending BTC back toward $70,000 and triggering more than $800M in liquidations.
Gold, meanwhile, has dropped more than 20% from its all-time high near $5,600 recorded in January. Last week marked its worst performance since September 2011.
"If history rhymes, BTC could be gearing up to outperform gold next," Wise Crypto noted.
Also Read: Bitcoin Holders Quietly Stack $23B Worth Of BTC In 30 Days
Binance Selling Pressure
Bitcoin was trading at $71,000 at the time of writing, up more than 3% in 24 hours. The asset is down 5% over seven days but has gained close to 4% over the past month, pointing to consolidation rather than a sustained decline.
CryptoQuant contributors also said short-term selling pressure on Binance has eased. The 7-day standard deviation of short-term holder realized profit and loss dropped to 255 — a level last seen before BTC rebounds of 10% to 14%.
A similar reading appeared in late February, before Bitcoin moved from around $66,000 to above $75,000. The drop in volatility indicates rapid selling from short-term traders has slowed, and while losses may still outweigh profits in current flows, the overall pressure appears to be leveling off.
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