Bitcoin Prices Tied to Oil and Treasury Yields as CLARITY Bill and FOMC Loom

Bitcoin's recent price movements have been influenced by international oil prices and U.S. Treasury yields, which rose due to tensions between the United States and Iran.

The CLARITY bill review and the Federal Open Market Committee (FOMC) meeting are key factors that will determine bitcoin's short-term direction, according to Yuya Hasegawa, a market analyst at Bitbank.

Bitcoin initially rose as expectations grew that the White House and key U.S. senators were coordinating the bill's ethics provisions, but profit-taking increased as review of the CLARITY bill proceeded more slowly than expected.

The FOMC meeting will be closely watched for its impact on U.S. Treasury yields and the dollar, which could weigh on bitcoin if inflation risks are strongly warned against.