Bitcoin steadies at $69K as gold drops and oil surges, but one analyst urges caution.

Bitcoin has shown relative resilience against gold since the outbreak of conflict in Iran, but investors may be better off holding “dry powder” as prices remain volatile, according to Wintermute trader Bryan Tan.

BTC $70,700.76 drifted toward $69,000 on Thursday as the escalating war in Iran continued to ripple across the Middle East, targeting energy infrastructure and affecting global markets.

Oil remained in focus as investors retreated from risk amid fresh reports of attacks on energy facilities. Prices swung back above $100 a barrel after a Politico report indicated that the U.S. is not considering a crude export ban, reversing earlier declines and sustaining inflation concerns.

The uncertain energy backdrop weighed on equities. Traders began factoring in the possibility that central banks might delay rate cuts—or even consider hikes—to counter inflationary pressures from supply disruptions. The S&P 500 and Nasdaq both fell nearly 1% in morning trading, hitting fresh 2026 lows.

Metals saw more dramatic moves. Gold tumbled 5% to roughly $4,500 an ounce, its lowest level since early February, while silver dropped 6.6%, extending a sharp unwind after weeks of gains.

By comparison, crypto markets remained relatively steady. Bitcoin traded near $69,400, down about 2.6% on the day. Most major tokens—including ether (ETH), XRP (XRP), BNB $643.75, and solana (SOL)—saw losses under 3%, while the CoinDesk 20 Index fell roughly 2.1%.

Crypto-linked stocks also pulled back, but less dramatically than other assets. Coinbase (COIN) slipped 1.7%, bitcoin-focused firm MicroStrategy (MSTR) fell 2.6%, and stablecoin issuer Circle (CRCL) retreated 6%, retracing part of the gains it had recorded over the past three weeks.

Bitcoin holds ground amid risk-off sentiment

The concurrent declines in both gold and bitcoin suggest broad risk-off sentiment rather than a rotation into traditional safe havens, said Alvin Kan, COO of Bitget Wallet. Rising energy prices are driving higher inflation expectations, reinforcing a “higher-for-longer” interest rate outlook and tighter liquidity—a challenging mix for risk assets.

Still, bitcoin has outperformed gold by roughly 20% since the start of the Iran conflict, Tan noted, an unusual dynamic for an asset generally viewed as riskier. Yet, the inability to sustain levels above $75,000 signals that markets remain cautious and rangebound.

“When sentiment swings on every headline about the conflict, and correlation to oil prices is so high, staying flat can be the strongest position,” Tan said. “We prefer holding dry powder until there’s a clear move in either direction or a significant shift in market conditions.”