Initially, we witnessed a significant surge in the prices of gold and silver, which have always been considered safe-haven assets. Now, it appears that oil prices are beginning to rally as well, indicating a potential shift in investor sentiment. This development could be detrimental for Bitcoin and other cryptocurrencies because as traditional commodities gain traction, they may divert investment away from digital currencies, leading to increased volatility and downward pressure on Bitcoin's value.
source: https://www.coindesk.com/markets/2026/01/29/first-gold-and-silver-now-oil-s-starting-to-rally-and-that-s-bad-news-for-bitcoin