Two Scenarios for Bitcoin to Sustain Above $80,000

CoinShares observed that Bitcoin's price behavior has become increasingly like gold over the past two weeks, and its rise to $80,100 is partly due to renewed concerns about US fiscal sustainability. The company pointed out that the US Treasury Department's purchases of long-term government bonds have contributed to this increase.

However, CoinShares noted that the main constraint on Bitcoin's rise remains the Fed's monetary policy. For Bitcoin to break above $80,000 sustainably, one of two scenarios must materialize: a resolution to the conflict with Iran leading to lower oil prices and reduced inflation expectations, or a further weakening of confidence in US government debt.