Bitcoin Defies Risks with Steady Rise Amid Elevated Macro Conditions

The Bitcoin price has been steadily rising over the last three consecutive days despite the presence of several macroeconomic risks. The US Federal Reserve, Bank of Japan, and bond market have all raised interest rates or signaled tighter policy, which typically weighs on risk assets like cryptocurrencies. However, BTC has managed to absorb these pressures and move back toward the $82,000 resistance area.

The Middle East is currently experiencing a crisis with Iran blocking the Strait of Hormuz and Saudi Arabia battling with the Houthis, leading to elevated crude oil prices above $100 per barrel. This has contributed to rising gasoline and diesel prices, with average gasoline price jumping to $4.46 and diesel to $6.4476. These high inflation risks are normally bearish for risk assets but have not dented Bitcoin's upward momentum.

BTC has formed a bullish flag pattern on its chart, indicating potential further gains. Additionally, the spot Bitcoin ETFs have seen significant inflows in recent months, with over $96.2 billion in assets under management and a net inflow of over $3.5 billion in the last three months.