 ▲ Gold and Bitcoin (BTC) |
Despite military tensions between the United States and Iran reaching a peak, Bitcoin (BTC) demonstrated strong resilience in the digital asset market by temporarily surpassing the psychological resistance level of $70,000.
According to cryptocurrency media outlet CoinGape on March 2 (local time), Bitcoin plunged to around $63,000 over the weekend, raising investor concerns. However, it rebounded by more than 5% within a day, reclaiming the $70,000 level. This marks its highest point in two weeks since February 15. Notably, Bitcoin gained momentum while gold, a traditional safe-haven asset, declined. Gold prices once exceeded $5,400 per ounce but fell to around $5,300 in line with Bitcoin’s rebound, showing contrasting movements.
Experts analyzed that investors are choosing digital assets as a “buy the dip” opportunity rather than engaging in panic selling driven by war fears. Market analyst Adam Livingston described the recent trend as a so-called “face-ripping rotation,” referring to a rapid shift of capital from silver into Bitcoin. In particular, Bitcoin remains about 43% higher against gold compared to its lows during the FTX collapse, indicating that it has outperformed traditional safe-haven assets.
A recent report from the BlackRock research institute further supports Bitcoin’s strength. BlackRock noted that Bitcoin tends to generate higher returns than traditional assets such as gold or equities during periods of geopolitical conflict, projecting further upside potential amid the current U.S.-Iran tensions. Even after the administration of U.S. President Donald Trump announced that military operations against Iran could last up to four weeks, the market appears to have largely priced in the development and continues to focus on growth.
On-chain data analysis shows no signs of panic selling among short-term holders. Instead, large-scale whale investors are reportedly viewing current price levels as attractive entry points and accumulating positions. Major altcoins such as Ethereum (ETH) and XRP are also rebounding alongside Bitcoin’s break above $70,000. The digital asset market is solidifying its position as an independent store of value, pushing through the uncertainty of war.
The Bitcoin market has entered a new price discovery phase, blurring the line between risk assets and safe-haven assets amid geopolitical crises. Despite concerns over a prolonged conflict, trust in Bitcoin as “digital gold” is increasingly seen as beginning to replace demand for traditional gold. The market’s future direction will likely depend on additional responses from the Trump administration and whether institutional capital inflows continue. Investors are watching closely to see whether Bitcoin can firmly establish $70,000 as a support level while remaining cautious of heightened volatility.
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