Is a simple analogy, if there is war, there will definitely be panic in the economy and people will be rushing to sell off the Bitcoin either to buy other things that they need or selling out of fear that the Price will drop because of the war, so for that during whatever war, there is always a market high volatilities because of the fuds that comes along with war.
But not all assets and goods fall in price or are dumped when war breaks out and causes panic in the economy. Ever wonder why bitcoin and stocks often get dumped but gold or oil don't when war breaks out? Simply because bitcoin and stocks are classified as high-risk speculative assets, while gold and oil have always been considered reliable safe havens. That is why gold prices always rise and go against the global financial markets whenever a war breaks out, and vice versa. When the economy stabilizes, gold prices usually fall and speculative assets prevail.