Published: February 2, 2026 | Updated: February 2, 2026 | Tapbit Macro & Precious Metals Desk
On February 2, 2026 gold retreated sharply from its intra-day peak near $5,300 to close around $4,765 (down ~8–10% from recent highs depending on the exact intraday print), while silver corrected from **$117+** levels in a violent pullback. At the same time Bitcoin fell below $78,000 — its lowest since mid-November 2025 — and Ethereum, Solana and most altcoins suffered double-digit percentage losses.
The synchronized decline across traditional safe-haven metals and high-beta crypto assets has effectively buried the long-standing narrative that Bitcoin is “digital gold.” For years, proponents argued BTC would behave as a non-correlated store of value during equity risk-off periods, much like gold. The events of early February 2026 show the opposite: when real fear hits global markets, Bitcoin acts like a leveraged risk asset — not a hedge.
February 2, 2026 Price Action – Side-by-Side Comparison
| Asset | Feb 2 Close / Low | Daily Change | Distance from Recent Peak | Notes |
|---|---|---|---|---|
| Gold (XAU/USD) | ~$4,765 / low ~$4,604 | –8% to –10% | –10% from $5,300+ | Sharpest single-day drop in over a year |
| Silver (XAG/USD) | ~$106–$108 / low ~$100 | –8% to –14% | –9%+ from $117+ | Industrial component amplified losses |
| Bitcoin (BTC/USD) | ~$77,418–$78,000 | –6% to –8% | –38% from $126,000 cycle high | Broke $80k support decisively |
| Ethereum (ETH/USD) | ~$2,300–$2,400 range | –9% to –12% | –50%+ from Aug 2025 ATH | Higher beta to risk-off flows |
| BTC / Gold Ratio (oz) | ~16.2–16.8 | Record low territory | Historic compression | Lowest since early 2018 |
The BTC/gold ounce ratio compressing to 16–17 (lowest since 2018) visually confirms the decoupling narrative has reversed: gold is outperforming dramatically during this risk-off episode.
Why the “Digital Gold” Narrative Failed in 2026
Bitcoin was frequently marketed as “digital gold” because of several supposed parallels:
- Fixed supply (21 million cap vs gold’s geological scarcity)
- Store of value thesis during fiat debasement
- Low-to-negative correlation with equities in theory
Reality in February 2026:
- High correlation during risk-off moves: BTC and ETH behave like leveraged tech/growth stocks when sentiment sours.
- Zero yield disadvantage: Gold & silver pay no yield, but neither does BTC — yet physical metals benefit from centuries of trust and central-bank buying.
- Liquidity & leverage fragility: Crypto’s 24/7 futures markets + extreme leverage (up to 125x on some platforms) turn modest corrections into cascades.
- Institutional behavior: Many of the same funds rotating out of Nasdaq growth names are also trimming BTC/ETH ETF positions — same risk book.
Result: when real fear hits, gold and silver act as the true safe havens. Bitcoin acts like a high-beta risk-on asset.
Technical & Sentiment Signals – February 2026
Bitcoin (current ~$77,418–$78,900)
- Support: $74,000–$76,000 (200-week MA zone)
- Next major support: $70,000–$72,000 (if capitulation deepens)
- Resistance: $80,000–$82,000 (prior support turned resistance)
- RSI (daily): deeply oversold (~25–35)
- Fear & Greed Index: ~20–25 (Extreme Fear)
Gold (XAU/USD) – current ~$4,765–$4,850
- Support: $4,600–$4,700 (prior breakout)
- Resistance: $5,000–$5,100
- Momentum: still strongly bullish despite pullback
BTC/Gold Ratio: 16.2–16.8 oz — historic compression, signaling gold’s outperformance.
Trading Strategies & Positioning on Tapbit
- Sign Up on Tapbit (0% maker fees)
- Deposit USDT or JPY via bank transfer / P2P
- Safe-haven rotation: Long XAU/USDT or XAG/USDT perpetuals (20–50x leverage) while risk-off persists
- Crypto capitulation buy: DCA BTC/USDT or ETH/USDT only at exhaustion zones ($74k–$76k BTC / $2,150–$2,300 ETH)
- Defensive parking: Hold USDT/USDC → earn yield via Tapbit Earn
- Risk control: Max 1–2% account risk per trade; isolated margin; trailing stops below recent lows
FAQs – Gold/Silver Crash & Bitcoin “Digital Gold” Narrative (Feb 2026)
Why did gold and silver crash together with Bitcoin on Feb 2, 2026?
Short-term profit-taking and overbought technicals (RSI 78–82) triggered pullbacks in metals, while BTC’s leveraged futures structure amplified the move. However, gold remains far closer to ATHs and outperforms BTC dramatically on a relative basis.
Is Bitcoin no longer “digital gold” after this crash?
The narrative has been severely weakened. During genuine risk-off periods, BTC behaves like a leveraged risk asset rather than a safe haven. Gold and silver continue to act as the primary flight-to-safety instruments.
Where are the next major supports for Bitcoin?
$74,000–$76,000 (200-week MA zone) is the next cluster. Below that opens risk toward $70,000–$72,000. Holding $77k–$78k would signal potential local exhaustion.
Should traders buy Bitcoin or gold after this pullback?
Gold/silver show stronger momentum and macro tailwinds (central-bank buying, inflation fears). BTC requires clear reversal confirmation above $82,000–$85,000 + ETF inflow reversal before aggressive longs. Staged entries at capitulation zones remain higher-risk/higher-reward.
Conclusion & 2026 Outlook
The sharp corrections in gold (~$4,765 from $5,300+ highs) and silver (~$106–$108 from $117+) on February 2, 2026 — occurring simultaneously with Bitcoin’s breakdown below $78,000 — represent the clearest empirical refutation yet of the “Bitcoin is digital gold” narrative. While metals pulled back from extremely overbought levels, they remain far closer to cycle highs and continue outperforming BTC dramatically on a relative basis (BTC/gold ratio at historic lows of 16–17 oz).
Bitcoin is behaving exactly like a high-beta risk asset during genuine fear episodes: amplified downside, correlated selling with equities, and vulnerability to leverage unwinds. Gold and silver are behaving like traditional safe havens: bid during uncertainty, central-bank accumulation support, industrial demand floor (especially silver).
Trade gold, silver & Bitcoin volatility on Tapbit:
- Sign Up on Tapbit (0% maker fees)
- Login & Deposit JPY/USDT
- Live XAU/USDT, XAG/USDT, BTC/USDT & ETH/USDT Charts
Disclaimer: Precious metals and cryptocurrency markets are highly volatile and subject to rapid changes in sentiment, macro conditions, and geopolitical events. Price forecasts and historical patterns do not guarantee future results. This article is for informational purposes only and does not constitute investment advice. Always conduct your own research (DYOR) and never invest more than you can afford to lose completely.
