Bitcoin-Gold Correlation Falls to Lowest Since November 2022: Report

Highlights:

• CryptoQuant said Bitcoin and gold are now moving sharply in opposite directions.
• The Bitcoin-to-gold correlation dropped to -0.88, the lowest since November 2022.
• Bloomberg said Bitcoin stayed steadier than gold, oil, and stocks during Iran war fears.

CryptoQuant’s latest market update shows that Bitcoin (BTC) and gold are no longer moving in the same direction. In a post shared on 18 March, the analytics platform said the Bitcoin-to-gold correlation fell to -0.88, its lowest level since November 2022. This shows Bitcoin price is now moving strongly against gold, and the capital is flowing more clearly toward the crypto market.

Bitcoin and Gold Move in Opposite Directions

Bitcoin and gold are often seen as alternative assets, especially when investors feel uncertain. But at the moment, they are not moving in the same way. CryptoQuant said these capital flows have helped Bitcoin move back toward $74,000, while gold has slipped slightly. That does not guarantee the trend will continue at the same pace. However, it does show where momentum is leaning right now.

Bitcoin-to-Gold correlation just hit -0.88, the lowest since Nov 2022.

This means Bitcoin is moving in the opposite direction with strong intensity.

Capital flows into Bitcoin have driven its price up to $74K, while gold has experienced a slight decline. pic.twitter.com/UMJZAfACKn

— CryptoQuant.com (@cryptoquant_com) March 18, 2026

In a previous update, CryptoQuant said Bitcoin is showing early signs of renewed buying interest after coming under strong selling pressure in February. Ongoing tensions in Iran and firm expectations that the US Federal Reserve will leave interest rates unchanged are still weighing on risk assets. Even so, Bitcoin has continued to hold up relatively well, especially compared with equities and commodities, which are starting to show weaker market conditions.

Analysts See More Strength in Bitcoin

Crypto trader Michaël van de Poppe also shared a similar view on the market shift. In a recent post, he said gold’s latest drop does not damage the long-term outlook for precious metals, but it may show that the asset is moving back toward its average level in the short term. He added that more weakness in precious metals could open the way for stronger Bitcoin price performance.

Just like that, Gold drops to $4,850.

I don't think this is bad, not at all.

I'm bullish on precious metals in the long term, but in the short term, it comes back to its mean.

I think we'll see more downside in precious metals, and therefore more strength in #Bitcoin.

Matter… pic.twitter.com/JADAjroyMl

— Michaël van de Poppe (@CryptoMichNL) March 18, 2026

 

Bloomberg Says Bitcoin Stayed Stronger Than Other Major Assets

Bloomberg’s report adds more weight to Bitcoin’s recent strength. It said Bitcoin price stayed steadier than many major assets even as the Iran war shook global markets. During that period, oil jumped more than 40%, and gold fell around 5% for the month. The S&P 500 also remained under pressure, showing that risk sentiment across traditional markets stayed weak. Bitcoin, however, moved higher and briefly crossed $75,000 in Asia on 17 March. Bloomberg called Bitcoin an “oasis of calm” because stocks, gold, and oil were seeing bigger swings.

Recent market data also supports that shift. At the time of writing, Bitcoin was changing hands near $71,289, after touching an intraday low of $70,892 and a high of $74,811. On the other hand, gold dropped to around $4,874 an ounce, its lowest level in more than a month. That gap in price action adds more weight to the view that capital has recently been leaning more toward Bitcoin than gold.