Bitcoin's recent plunge of 3% mirrors a broader global asset rout, with the $5K gold level being 'smashed' due to oil fears. This comes as Middle East tensions sparked a global sell-off, causing Bitcoin and major asset classes to fall. Oil's volatility and gold's inability to offer protection from uncertainty have kept the BTC price firmly below $70,000. The S&P 500 and Nasdaq Composite Index both dropped by about 2% after the Wall Street open, while gold also fell, targeting $5,000 support. The Kobeissi Letter noted that the market is beginning to price in a longer war. BTC price action has again failed to hold key trend lines, leading some to conclude that bears remain in control. However, others are hopeful on shorter time frames, noting Bitcoin's comparatively stable response to the ongoing geopolitical crisis. Gold is down 6%, silver is down 11%, and platinum is down 13%, while Bitcoin has only dropped by 3%. This has led some to suggest that Bitcoin is outperforming stocks and precious metals. However, the BTC price is still stuck in a range, and volatility is high during these events. The lower side of the range is seen as a buying opportunity. Cointelegraph reported earlier on how rising oil prices tend to impact BTC price action. Nik Bhatia, founder of The Bitcoin Layer, described gold as 'absolutely smashed', noting that it looks very toppy at worst and technically damaged at best. Crypto trader, analyst, and entrepreneur Michaël van de Poppe hoped that a potential capital rotation from gold to BTC was already getting underway.
